Separate the token from the rights
Putting a representation of an asset on a blockchain does not settle the legal relationship behind it. Ownership, redemption, custody, transfer restrictions, and jurisdiction each deserve their own investigation.
Follow a redemption
Map the steps from holding the token to receiving the underlying asset or proceeds. Identify each intermediary and the conditions under which redemption can be delayed or refused. This process reveals more than an attractive trading interface.
The infrastructure opportunity
Programmable transfer and settlement may change how systems connect. Research those connections without assuming that a new representation removes the underlying market or counterparty risks.