SPCX didn’t join because they didn’t have a good feeling about xStocks, so they managed to dodge a disaster. Otherwise, they would also have ended up with hedging turning into short positions, which would have been really nauseating. Even something as simple as tokenizing stocks can involve so many Web2 trust issues—let alone real-world assets like real estate. This track right now is more like the one-sided wishful thinking of people in the crypto space. For the assets you want to tokenize in the first place, there isn’t any natural tendency for them to be tokenized. There is demand, but that demand must not outweigh what’s involved in taking on the related risks and hassles, as well as potential competition.