I think the real challenge of IP RWA is linking on-chain assets with real-world rights. Recently, a friend recommended a new project for me to check out, which revolves around the concept of IP RWA. After diving into it, I studied the design by @mini_cto, which uses a three-layer structure: IP NFT + legal transfer agreements + income settlement middleware. First, IP NFT turns characters, music, stickers, or other IPs into asset certificates that can be held and traded on-chain. But just recording an NFT on-chain and showing who owns it doesn’t automatically solve real-world issues like copyright, commercial usage rights, licensing rights, or future revenue ownership. That’s why the second layer, the legal transfer agreement, is super important. If the transfer of an NFT can simultaneously trigger the transfer of corresponding offline IP rights, then the on-chain ownership has a real chance to connect with legal rights in the real world. The third layer is income settlement middleware. Whether an IP has long-term value ultimately depends on whether it has real commercial use—for example, a character being licensed for merchandise, stickers being used by platforms, music generating streaming revenue, or virtual avatars being adopted by brands. How these revenues are recorded, verified, and settled with the rightful owners determines whether the IP can truly become a cash-flow-generating asset. So, the whole structure works like this: IP NFT solves asset certification, legal agreements solve rights ownership, and middleware solves cash flow. If these three layers can truly function together, an IP can simultaneously have on-chain asset certification, real-world legal rights, and the ability to continuously generate and settle income. This is the key point for all types of RWA. The hardest part of bringing real-world assets on-chain has always been whether the on-chain assets can correspond to real, enforceable, and cash-flow-generating rights in the physical world.