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An extraordinary amethyst quartz mined in Artigas, Uruguay! 📸: nowarminerals/ig

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You can list a tokenized vineyard on a DEX. But if nobody wants to buy vineyard tokens at 2am on a Thursday, this means that the token is illiquid. Most people in RWAs don't understand the difference between a listing and liquidity. So what is liquidity? In easy to follow terms, it means how quickly and easily you can sell something without losing money. Cash is the most liquid asset in the world. You can spend it anywhere, instantly. A house is illiquid, it could take months to sell. Tokenized assets sit somewhere in between. Here's the pitch you'll hear in RWAs: "We tokenized it, so now it's liquid. Anyone can buy and sell 24/7." Sounds amazing. But there's a problem. A blockchain gives you the backend and technical side for trading. It doesn't give you the people. Think of it like opening a shop on the busiest street in the world, doors open 24 hours a day. But if nobody wants what you're selling, the shop being open doesn't matter. That's what a tokenized asset with no buyers looks like. For something to be truly liquid, you need two things. Buyers AND sellers who actually want to trade. And tight spreads, the gap between what a buyer will pay and what a seller will accept needs to be small. If that gap is huge, you're losing money just to get out. Tokenization helps with the mechanics - faster settlement, lower fees, wider access. But it can't create demand out of thin air. Demand comes from trust in the asset, clear legal rights, a large enough market, and people willing to show up on both sides. This is key! Not all tokenized assets are equally liquid either. There's a spectrum. Tokenized treasuries sit at the top as they have big institutional demand & are a familiar asset. Tokenized public stocks are medium-high, they mirror existing liquid markets. Tokenized private credit is low-medium - niche buyers, longer hold periods. Tokenized real estate is low - inherently hard to sell quickly. And tokenized art is at the bottom - subjective value, tiny buyer pool. The more liquid the underlying asset already is in the real world, the more liquid the token tends to be. Tokenizing something illiquid doesn't magically make it easy to trade. It just makes it slightly easier to try. Big difference. Here's where people get burned. You buy a tokenized private credit position. 12% yield. Then one day you need your money back. You go to sell. No buyers. Or someone offers 70 cents on the dollar. Your 12% yield is no longer… That's the trap, high yield plus low liquidity. The yield is there BECAUSE you're stuck. It's compensation for the risk that you can't easily leave. If nobody told you that going in, now you know. So here's the test I run before buying any tokenized RWA. I call it the Vineyard Token Test. One question: "If I wanted to sell this tomorrow, who is buying, and at what price?" If the answer is clear, good. If it's vague, that tells you your answer too. A few more things worth checking. Is there daily trading volume or is it a ghost town? Are there market makers, people whose job it is to keep trades flowing? Can you redeem directly with the issuer if there's no secondary market? What's the spread between the buy and sell price? Has anyone actually exited this position before? Now, tokenization IS still helpful for liquidity. It helps widen access so more people around the world can participate. It lowers minimums so you don't need $100k to get in. It opens 24/7 infrastructure so trades aren't limited to banking hours. And it enables composability so tokens can plug into other Defi tools over time for things like vaults & looping. The projects worth watching are the ones honest about this. "We're building liquidity over time" is a real answer. Before you buy any tokenized RWA, ask: "If I wanted to sell this tomorrow, who's buying, and at what price?" If nobody can answer clearly, that IS your answer.

This is my current portfolio - circa £100k, netting roughly £2200 per month in income: $JEPQ £26,098 $FEPG £27,745 $MAGD £18,467 $YMAP £18,912 $TSLD £5186 $NVDD £1791 $COII £241 Built for income, not growth, however there is some growth Follow along to see the journey in 2026