Woofun AI reports that Imran Khan, co-founder of Alliance, has aligned with Delphi’s recent assessment of the token market, identifying two primary trajectories for value accumulation. He posits that tokenization is increasingly polarizing into assets representing equity ownership and those generating direct value through buybacks, with intermediate models expected to converge toward these extremes.

Khan emphasizes that achieving reasonable token valuations requires revenues and buybacks to be recorded on-chain in a programmable manner.

Concurrently, he suggests that as more companies pursue IPOs, tokenization will broaden access for global investors, offering alternative channels for acquiring ownership beyond traditional capital markets.