Many in the crypto community believe tokens are failing, but there are arguments against this perception. The challenges faced by tokens stem from insider concentration in fundraising, misunderstanding of utility, and governance tokens by investors, and lack of access to tokenized real-world assets. These elements have led to poor long-term performance for most crypto tokens. Nevertheless, regulatory frameworks are emerging, such as the EU's Markets in Crypto-Assets (MiCA), which may revitalize the token landscape by ensuring better access to public offerings and higher quality asset structuring. This regulatory clarity is expected to expose unfavorable tokenomics and prevent low-quality assets from proliferating. Furthermore, the growth of tokenized real-world assets can diversify investment opportunities, moving beyond crypto-only offerings. The future could see tokenization firmly integrated into capital markets, requiring a reevaluation and reinvention of token structures. Optimism surrounds the potential for tokens to deliver real-holder value in the future.

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