The significance of crypto in asset pricing mechanism.

Tokenization usually gets sold as access. That is too narrow. The more interesting change is faster feedback between ownership, liquidity, and price discovery.

Public markets already price liquid assets well. Private markets, thin assets, and emerging claims still price slowly. Crypto can compress that delay when market structure is designed well.

The risk is fake liquidity. A token without credible supply, redemption, custody, and disclosure creates a price display, not a market.