Tokenization itself does not equal value creation; it is merely a process of digital circulation.

Real assets carry a complete information chain—who established it, who owned it, who verified it, and what rules it follows. Once this background information is stripped away, tokens become purely symbolic exchanges.

The market has not become more efficient; instead, it has fallen into an information blind spot. Asset tokenization that loses traceability of identity and historical context essentially creates an illusion of false liquidity. True market efficiency should be built on comprehensive on-chain identity verification and asset traceability.