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The power of pieces: From fractional horses to digital tokens

Christopher Forbes
Christopher Forbes • 7 min read
The power of pieces: From fractional horses to digital tokens
What makes the concept of tokenisation revolutionary isn’t the idea itself but rather the technology that now enables it at scale, cost-effectively and globally. Photo: David Flandre/Unsplash
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Imagine owning something incredibly valuable: a racehorse, a mansion, or a bar of solid gold. For most of history, if you wanted to own one of these things, you had to buy the whole thing yourself. If you couldn’t afford it or didn’t want the risk, you were simply out of luck. This all-or-nothing model of asset ownership is what tokenisation solves, and its implications for modern finance are seismic.

Tokenisation, in simple terms, is the process of splitting the ownership of something big and valuable into many smaller, easily managed pieces called tokens. Each token represents a tiny fraction of the whole asset. What makes this concept revolutionary isn’t the idea itself — humans have been doing this for centuries — but rather the technology that now enables it at scale, cost-effectively, and globally.

Blockchain technology has transformed tokenisation from an exclusive arrangement accessible only to the wealthy into a genuine democratisation of ownership. The real-world asset tokenisation market reached US$24 billion ($30.7 billion) in 2025, representing nearly 380% growth over three years, and analysts project it could reach US$30 trillion by 2034, fundamentally reshaping capital flows across the global economy.

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