IPX Raises $4M Seed at $125M Valuation for Tokenized IP Exchange on Base

The headline number here is the valuation-to-raise ratio: a $125 million mark on just $4 million of seed capital signals that backers are pricing the tokenized-IP thesis well ahead of demonstrated traction, a pattern familiar from earlier infrastructure cycles. The choice of Base as the venue matters, since it positions the project inside Coinbase's distribution orbit rather than a standalone chain. What's worth watching is whether tokenized intellectual property can attract genuine rights holders, or whether the model remains a narrative in search of inventory.