Stephen, your article is interesting. However, isn't most of what you discuss already here, in the form of asset securitization? Credit portfolios have been securitized for years, this is not something new. Getting liquidity into long-term assets has already been solved in this form by splitting them up. The advent of the blockchain is a tool to make that more efficient, enabling that breakdown to be done into smaller pieces at a lower transaction cost, but aside from that is it fundamentally different?
The other question is whether some of these assets you refer to benefit from being securitized or not. You seem to have missed mentioning that increased liquidity also comes with a cost, which is usually increased volatility of the underlying asset. Specifically in the VC asset class, holdings of very early stage company stock would be highly volatile if they were easily tradable. Startups often don't think of that, but it is to their advantage that holders of early issued stock cannot easily trade because otherwise the startup would face the additional challenge of managing the stock price in the short term, which could hamper efforts to find the growth opportunities they need by presenting significant challenges in information sharing and subjecting them to the whims of the crowd.
The regulation required to protect retail investors from scammers might hamper the growth of tokenisation of existing assets, and for good reason, because these highly volatile, highly complex financial instruments (which is what these become) can quickly lead unsophisticated investors to lose their shirts, and some regulations should be present to ensure that the real risks of these investments are appropriately presented.