After the first investment, a new question arises: what happens if the investor wants to leave the position, if someone else wants to take it over or if the entire structure reaches its end? This is where many expectations about tokenisation need nuance.
Tokenisation can make a position clearer to represent digitally and reduce certain technical frictions around registers, traceability and transfer. But a digital representation does not automatically create a market, a buyer, a correct price or a legally valid transfer.
This chapter therefore distinguishes between transferability, liquidity, risk and exit. The goal is to understand why every tokenised investment needs a clear lifecycle from entry to exit.
IMPORTANT PRINCIPLE
Tokenisation can make a position technically easier to represent and transfer. But liquidity arises only when there is an actual market, an authorised counterparty and a structure in which the transfer can be carried out legally and economically.