Rights Management Web3 tokens can represent more than just digital assets. They can be thought of as digital rights management tools that can represent the ownership of a physical asset, voting rights, management rights, or access rights such as a digital subscription or a membership. Historical Context Though the concept of tokens is not new, Web3 takes them to another level. Early societies used tokens as a way to represent value or grant access, with shells and beads likely being among the first tokenized objects. Over time, more sophisticated tokens were developed, such as coins, paper money, vouchers, stock certificates, casino chips, gift cards, entry or transfer tickets of any kind, and membership passes or ID cards4each serving a distinct purpose but sharing a core principle: representing various rights, identity, or values. Any type of token always requires a level of anti-counterfeiting protection to maintain trust in the system they are part of. Before the emergence of blockchain networks, physical and digital tokens were managed by centralized authorities that provided such security mechanisms, regulating the creation, distribution, and verification of the respective token. Without these security measures, such as watermarks or specific materials, fraudsters could easily create copies of those tokens and undermine their value. For instance, a central bank manages the issuance of currency, including anti-counterfeiting mechanisms; event organizers issue tickets to concerts or performances, which include anti-counterfeiting measures. In digital systems, tokens can grant access or permissions, such as when a web browser uses a session token to maintain a user's login status across a website. Similarly, QR codes can represent anything from boarding passes to access rights for various services. Such computer tokens, including their security and anti-counterfeiting mechanisms, are managed by Web2-based systems that rely on centrally controlled and private server infrastructure.