Interesting piece, but there is a lot of hand waving and inconsistent claims here. For example, how would tokenization of LP’s share in a private equity fund increase liquidity? Trust or double spending are no issue in this context. GP’s agreement is required for any sale. There are secondary markets for shares in hedge funds and private equity funds. Adverse selection is one major reason for illiquidity. How does tokenization help here? It does not.
Even going to the baseball card example. How does tokenization reduce the bid-ask spread here? It is not going to make the quality of your card more transparent. It is not going to increase the number of people interested in the card. In short will have zero impact on the liquidity of the market for that specific card.