Zack Pindell of Gray Scale Consulting believes that tokenization is a long-term roadmap rather than a one-time transaction, with different winners emerging at each stage. Currently, the total market value of tokenized assets is approximately $27 billion, accounting for only 0.01% of the global capital markets, but it is expected to reach nearly $19 trillion by 2033. Early winners may resemble today's financial systems, such as permissioned networks like Canton Network; later stages may see hybrid models like Avalanche or long-term investments in Ethereum, aiming to build a decentralized future.