Ultimately, you have different stages (and phases). Crypto tied to real estate is no different than anything else we have. What is a company? It has plants, offices, and other assets. Yet how do we own it? Based upon a piece of paper (Articles of Incorporation) and shares of stock that are supposedly in our trading account.
So if we try to think of this as all or nothing, then we get exactly what you describe, something that is at odds with itself.
How do we know who owns real estate today? How do we protect it? That isnt going to change anytime soon other than the ownership and accessibility.
Of course, if you own a downtown office buiding and there is no police force, well then you might have an asset that is diminishing in value as it gets destroyed.
Whether that is tokenized or not is has no bearing on it.
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