I have been thinking a lot about how tokenisation projects are built.
Often the order looks something like this:
idea -> funding -> network -> partners -> law -> presentations -> product.
I have started to believe more in the opposite.
Build as far as it is at all possible first.
Understand the technology. Find the limitations. Test what can actually be implemented. Document where the technology ends and where law, infrastructure or regulation actually begins.
Only after that does it become truly interesting to talk to lawyers, authorities and other actors.
Tokenisation of real-world assets is, after all, not only about creating a token.
The difficult part is the connection between:
real asset -> legal right -> digital representation -> identity/compliance -> trading -> settlement.
That is where I believe much of the development in the coming years will take place.
And perhaps we need fewer tokenisation concepts and more working systems.
I will share a few more thoughts on this going forward.