The Institutions Arrived — for Treasuries, Not Collectibles

The tokenisation story has genuinely turned. Banks and asset managers are building real infrastructure, and the tokenised treasury market has moved from pilot to production. This is the institutional adoption the market has been predicting since 2021.

It is happening in treasuries, credit and funds. Media rights and collectibles are barely present, and it is worth being honest about why.

A treasury bill is legally boring

Its ownership is unambiguous, its terms are standardised, its disputes have established resolution paths, and its value does not depend on anyone's continuing performance. Tokenising it is a plumbing exercise. That is precisely why it went first.

A content right is none of those things

Ownership is frequently layered across writers, performers, publishers and labels. Terms are bespoke to each deal. Territory matters. Value depends on continued exploitation. There is no standard form, and every position needs individual diligence — which is exactly the cost structure institutional capital exists to avoid.

What would have to change

Standardisation of how a right is expressed on-chain, so diligence becomes repeatable rather than bespoke. Registries with authoritative attestation, so ownership can be established without a bilateral investigation. Dispute resolution that a counsel's office recognises. None of these is close.

Why we are still here

Because the gap is the opportunity. The institutional wave will reach rights eventually, and it will reach them through whoever built the standardisation layer. That is the single largest thing we are looking to back, and we have not yet found the team we think can do it.

If that is what you are building, the deck should come to us.