블록체인 기반 가상통화의 가치평가 연구 : 거래소상장 T토큰을 중심으로

[Purpose]This study is to present the intrinsic value of a blockchain－based virtual currency by applying a technology value evaluation method. A literature study was conducted on types and features of virtual currency, the volatility of virtual currency, transaction pricing structure for artworks and virtual currencies, accounting standards and valuation of intangible assets, and IPR technology valuation. [Methodology]In this study, virtual currency are classified as intangible assets based on the interpretation of IFRS IC (2019.06), and the intrinsic value of virtual currency is calculated by applying the revenue approach (DCF) technology valuation method. The virtual currency utility supply value was calculated through the technical value of the token and the number of outstanding tokens. [Findings]The results of this study suggest the intrinsic value of virtual currency to reduce information asymmetry between issuers and investors in the virtual currency market and help investors make investment decisions. The token utility supply value financial ratio can be used to determine the public offering price and outstanding volume when issuing virtual currency. [Implications]This study is meaningful in that it is an early study that presented intrinsic value by applying the IP technology valuation method to blockchain－based virtual currency. In addition, the technology valuation method applied to virtual assets can be usefully used as learning materials and discussion examples for valuation of intangible assets such as intellectual property.