Dropbox Paper offers a collaborative workspace with the following features:

1. Document Creation: Create and edit documents with rich text formatting.
2. Real-Time Collaboration: Collaborate with others in real-time, with live updates and comments.
3. Task Management: Integrate to-do lists, task assignments, and deadlines.
4. Media Embedding: Embed images, videos, and other media files directly into documents.
5. Templates: Use and customize templates for various document types and projects.
6. Version History: Access previous versions of documents to track changes and revert if needed.
7. Integration: Syncs with Dropbox for easy file access and sharing.
8. Comments and Notifications: Leave comments and receive notifications for updates and mentions.
9. Access Controls: Manage permissions and access levels for document sharing.