Tokenization that can be frozen is a database with a ticker.

Tokenization that inherits Bitcoin’s rewrite cost is title.

Most of the market is still buying speed: ETH wrappers, bridges, permissioned chains, pretty settlement. Fine until someone pauses the contract, leans on a validator set, or drains the bridge.

Counterparty already did the hard version in 2014. No second chain. No validator set. No bridge. XCP transfers are Bitcoin transactions. To reverse one, you attack Bitcoin.

Rare Pepes were the demo. Named issuance is the product. The 2026 SEC map put those objects in collectibles/tools and Bitcoin in commodities. Saylor’s line is the demand side: create, issue, custody, transfer.

The market is renting speed. It will buy permanence when the first serious attacker shows up. XCP is the oldest title protocol on the only chain that charges energy to lie.