RWA has been calling out for so long, but real estate tokenization still hasn't taken off. Ultimately, it's not a technical issue; it's that compliance and infrastructure haven't kept up at all. First, get the legal framework and custodial clearing and settlement sorted out—then talk about going on-chain, or else it's just empty rhetoric.

The core reason why real estate tokenization has not been implemented is the lack of infrastructure and compliance: legal ownership, compliant transfer, profit distribution, and cross-regional regulation are still unclear, leading to a lack of trust and no significant reduction in investment thresholds. The industry emphasizes prioritizing infrastructure; only after improving operations and regulation can a transition from technology to real financial products be achieved; otherwise, there remains a significant gap between ideals and reality.