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Asset class	Typical wrapper	Valuation basis	Distributions	Points to settle early
Commercial real estate	SPV holding title (DIFC, ADGM, or an Indian company or LLP); tokens as shares, units or debentures	Income capitalization and DCF; RICS or IBBI report	Rent net of costs, quarterly	Title transfer costs, foreign ownership limits, lease terms, exit route
Residential and hospitality	SPV or fund; sometimes a REIT feeder	Comparable sales and income	Rent or operating income	Operator agreement, occupancy assumptions, regulator's view on retail investors
Private equity and venture fund units	Fund units or feeder vehicle; tokens as units	Fund NAV, fair value per IPEV or Ind AS 113	Distributions per waterfall	Transfer consent under the LPA, side letters, valuation frequency
Private credit and loan portfolios	Note-issuing SPV; tokens as notes	Amortised cost with expected credit loss	Coupon and principal on schedule	Servicer, security package, default waterfall, true sale opinion
Trade receivables and invoices	Purchasing SPV; tokens as participation in a receivables pool	Face value less discount and expected loss	On collection	Debtor concentration, insurance, dilution, cross-border enforcement
Gold, silver, other commodities	Bailment or trust over vaulted metal; tokens as warehouse receipts or units	Spot price and assay; proof of reserve	None, or lease yield	Vault custody terms, audit frequency, redemption in kind, VAT
Carbon credits and RECs	Registry account held by SPV; tokens mapped to serials	Venue price; rating adjustments	None; value realized on sale or retirement	See the carbon credits page
Infrastructure and project finance	Project company equity or mezzanine notes; sometimes InvIT units in India	DCF on contracted cash flows	Distributions after debt service	Concession terms, lender consents, construction risk disclosure
Bonds, sukuk and structured notes	Issuer or SPV; tokens as the instrument itself where the law permits digital form	Discounted cash flow and market pricing	Coupon or profit rate	Whether digital-native issuance is permitted, listing, Shariah review for sukuk
Intellectual property and royalties	SPV holding the IP or a royalty assignment; tokens as participation	Relief from royalty or income approach	Royalty receipts	Chain of title, licensing terms, tax withholding on royalties
Art and collectibles	SPV holding the object; tokens as shares	Appraisal and comparable sales	None until sale	Custody, insurance, authenticity, retail investor suitability

Where tokenization clears the threshold

Tokenization pays where the asset turns over frequently or has many small holders, because that is where the conventional stack charges per event for something a contract does once. It also pays where the asset meters itself, because a metered feed replaces a valuer's judgement as the oracle input. Static, single-holder, long-duration assets rarely clear the threshold on cost, and we say so in the feasibility memo.

Clears it

Receivables and invoice pools: short tenor, high turnover, fragmented counterparties
Warehouse receipts for agri and metals: the token is the uniqueness guarantee that stops double-pledging
Compute and GPU capacity: metered utilization, short contracts, a receivables profile
Operating-phase solar and wind: inverter telemetry settled against a PPA is the cleanest oracle input in the market; the prize is closing the refinancing gap, worth 200 to 400 basis points on the debt stack
Vaulted precious metals: proof of reserve compresses opaque dealer spreads
Fund units with many holders and frequent distributions

Needs a different case

Direct real estate: stamp duty, registration and title costs survive tokenization entirely. The fractional case rests on access and liquidity, so we structure it that way
Listed equity and bonds: already near-zero settlement cost; the gain is T+0 and collateral mobility
Single large placements to one or two institutional anchors: the arranger fee is a relationship fee
Art, collectibles and IP royalties: valuation and custody costs rise because the oracle problem is unsolved; we take these on assessment only

Where we have particular depth

Real estate in the UAE and India

Our valuation and DPR practice has priced commercial, industrial and hospitality assets on both sides of the corridor for banks and investors. The tokenized structures build on that work.

Receivables and private credit

We have structured invoice discounting and receivables financing for the India to GCC trade corridor, including the servicing, insurance and cross-border enforcement questions that decide whether a receivables pool can be tokenized.

Precious metals

We have designed a gold and silver token trading model, covering vault custody, proof of reserve, redemption and the tax treatment of metal in the UAE and India.

Carbon and ESG

The team advises corporates on EPR compliance, environmental impact assessment and ESG reporting, so carbon tokenization sits alongside disclosure work we already do for buyers.

Funds in the DIFC and GIFT City

We have structured tokenized fund unit concepts for GIFT IFSC and understand the DFSA and IFSCA frameworks well enough to know where each is generous and where it is not.

Indian corporate law

Company secretary, advocate and registered valuer credentials on the team mean the Indian side of a cross-border structure is handled in house.

Asset classes, and how each one is structured