Can custom fields be added to the Asset object?

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I have done a little bit of research on this topic, and it seems like, without a lot of concerted effort in creating a brand new custom object, there is no reasonable way to get a custom object to be usable on the Asset object. Can someone either guide me if I am wrong or affirm I am correct in my assumption? It would be really nice to just be able to add a couple of fields to the OOB Asset object, as most of what is there is all we need, just a few more fields.

Thanks!

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