Tokenization is the most misunderstood word in finance right now. > BlackRock tokenized a money market fund > Figure tokenized its own equity > Someone tokenized a Pokemon card, or a flat in Dubai, or an Anthropic SPV When 10 people say "tokenization," they mean 10 different things. Some of these tokens can be traded by anyone. Some require KYC or a whitelist. Some are available to the US. Some aren't. Some can't be traded at all. Some protect token holders if the issuer goes bankrupt. Others screw token holders in that case. That's why you're confused. In this video, I'm breaking down: - Why tokenization matters: it's the same evolution that took us from paper to electronic records, now one step further - Why a Pokemon card, a house, and a share of stock all tokenize completely differently, and why the laws governing each asset decide how - The two types of tokenization: receipt-based, where the token is a claim on an asset held somewhere else, and native, where the token *is* the record of ownership - Why native is the one to watch: Figure filed with the SEC, the same filing you'd make for an IPO, to issue tokens that are literal shares of the company Chapters: 00:00 Introduction 00:35 Why tokenization matters 02:32 Why it means 10 different things 05:21 What it really means to tokenize an asset 07:38 Receipt-based vs. native tokenization Follow me and hit the bell so you don't miss the next one.