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Moreover, the industry explored tokenizing brands, memberships, real-world assets, and art, opening new business models and funding mechanisms. These tokens could represent exclusive privileges like lifetime concert access or membership rights, essentially digital memberships with real-world value.
Institutionalization and Legitimization
Initially, the crypto industry was void of legitimacy—lacking support from traditional financial institutions, insurance firms, and regulators. It operated in a wild west environment characterized by reckless leverage, risky derivatives, and a lack of oversight.