Real companies have revenue, manufacturing, and dividends; copycats have none of that—just stories, just hot air.

It seems that in the future, it’ll be stock tokenization, with real companies issuing tokens.
Some projects can’t be listed yet—or haven’t been listed yet—so they go on-chain and issue tokens first to raise funding.
Then later, regulators will come in to tighten control and plug the loopholes people try to exploit.
In the future, you’ll trade “the big pie” like it’s U.S. stocks—stock by stock.
As for copycats, I don’t know how to deal with them; besides a few outliers like HYPE, the rest are just dead-end roadside trash.