The NPC Dragon Token Envoy is located in the 3 novice spawn points (Pengcheng Inn of the Humans, Luoying Village of the Wingkind and North-Pass Camp of the Beastkind).

You can exchange your Dragon Token Emblems which you got from doing the Dragon Seeking Quests.

Emblem of Wisdom

This item can be used via the Seven Sages quests.
Lv Requirement to exchange tokens: 20
In the game, the emblem of wisdom is known as emblem if wits

1 Emblem of Wisdom = 5 Token of Bronze Dragon
1 Emblem of Wisdom = 5 Token of Silver Dragon
1 Emblem of Wisdom = 1 Token of Gold Dragon

Rare Mounts

Token	Name	Image	Req Lv to exchange
50 Bronze 30 Silver	Bai Long Horse		20
50 Bronze 50 Silver	Silver Mane		40
50 Bronze 50 Silver	Purple Lightning		40

Legendary Accessory Mold

Lv Requirement to exchange tokens: 20

Token	Name	Stats	Item	Image
10 Bronze	Mold: Pendant of White Bone	Lv Req 31 Mdef +111 MP Recovery +3 Int +2~3	Belt
10 Gold 10 Silver	Mold: Baldric of Spectres	Lv Req 86 Def +252 Dex +2~3 Con +4~5 Int +5~6	Belt
50 Gpld 50 Silver	Mold: Dark Soul Ring Precepts	Lv Req 87 Matk +85 Cast time -6% Con +5~6 Int +5~6	Ring

Legendary Equipment Mold

Lv Requirement to exchange tokens: 20

Token	Name	Stats	Item	Icon
30 Bronze	Casting Tool: Xueli Heavy Leg	Lv 7 (2~4 slots) Def +665 MDef +285 Durability 185/185 Lv Req 40 Str Req 102 Dex Req 24 Def +118 Str +2~3 Con +2~3	Leggings
30 Bronze	Casting Tool: Xueli Light Cuffs	Lv 7 (2~4 slots) Def +143 MDef +220 Durability 115/115 Lv Req 40 Str Req 44 Dex Req 44 MP Recovery +2 Dex +2~3 Water Def +211	Armlet
30 Bronze	Casting Tool: Xueli Magic Robe	Lv 7 (2~4 slots) Def +87 MDef +775 Durability 110/110 Lv Req 40 Str Req 24 Int Req 63 Physical Damage Reduction 1% Int +2~3 Con +2~3	Robe
25 Bronze 25 Silver	Casting Tool: Xueyue Heavy Cuffs	Lv 9 (2~4 slots) Def +465 MDef +200 Durability 190/190 Lv Req 60 Str Req 152 Dex Req 34 Aspd -0.05sec Str +4~5 Dex +4~5	Armlet
25 Bronze 25 Silver	Casting Tool: Xueyue Light Cuffs	Lv 9 (2~4 slots) Def +199 MDef +310 Durability 145/145 Lv Req 60 Str Req 64 Dex Req 64 Def +142 Dex +3~4 Aspd -0.1	Armlet
25 Bronze 25 Silver	Casting Tool: Xueyue Magic Cuffs	Lv 9 (2~4 slots) Def +52 MDef +465 Durability 105/105 Lv Req 60 Str Req 34 Int Req 93 Cast Time -3% Int +4~5 HP +60	Armlet
40 Silver 20 Gold	Casting Tool: Bloody soul heavy boots	Lv 11 (2~4 slots) Def +795 MDef +340 Durability 235/235 Lv Req 80 Str Req 202 Dex Req 44 Movement +0.3m/s Def +167 Con +5~6	Boots
40 Silver 20 Gold	Casting Tool: Bloody soul light boots	Lv 11 (2~4 slots) Def +341 MDef +530 Durability 180/180 Lv Req 80 Str Req 84 Dex Req 84 Movement +0.2m/s Physical Damage Reduction 2% Dex +4~5	Boots
40 Silver 20 Gold	Casting Tool: Bloody soul magic shoes	Lv 11 (2~4 slots) Def +89 MDef +795 Durability 130/130 Lv Req 80 Str Req 44 Int Req 123 Movement +0.2m/s Physical Damage Reduction 2% Int +4~5	Boots

Legendary Weapon Mold

Lv Requirement to exchange tokens: 20

Token	Name	Stats	Item	Icon
50 Bronze 10 Silver	Mold: Claw of the Lotus	Lv 8 (1~2 slots) Aspd 1.43 Range 2.5 Atk 264-357 Durability 175/175 Lv Req 52 Str Req 78 Dex Req 103 Stop: - Render target immobile for 3 sec. Str +10~11	Fist
50 Bronze 10 Silver	Mold: Bodhi Jeweled Wand	Lv 8 (1~2 slots) Aspd 1 Range 3 Atk 293-358 MAtk 352-654 Durability 80/80 Lv Req 52 Str Req 33 Int Req 153 Max MAtk +71 HP +125 MP +160	Flag
50 Bronze 10 Silver	Mold: Bow of Cloud Piercing	Lv 8 (1~2 slots) Aspd 0.67 Range 20 Atk 458-850 Durability 130/130 Lv Req 52 Str Req 31 Dex Req 161 Critical +1% Dex +8~9 MP +160	Bow

Lottery

Try your luck and you might have a chance in getting a rare item

4th Long Ling Lottery = 3 Token of Bronze Dragon
3rd Long Ling Lottery = 1 Token of Silver Dragon, 2 Token of Bronze Dragon
2nd Long Ling Lottery = 3 Token of Silver Dragon

Some rewards are books such as Rolls and Oracles. Others could be soul stones or even some consumables.