On 27 November 2024 BX Digital hosted a virtual seminar that addressed the question: “How will Tokenisation Transform Financial Markets?” The purpose of the chosen topic was to move discussion beyond the usual questions asked at tokenisation events and ponder instead the more important question of how it will happen. It is obviously easier to ask who is doing tokenisation, why they are doing it, where they doing it, what they hope to achieve and when they hope to achieve it by. It is even easier to itemise the benefits of tokenisation - programmability, fractionalisation, individualisation and so on – while pushing their realisation so far into the future that their Net Present Value is effectively zero. If tokenisation is to happen, market participants must be incentivised to use it. Investors must supply demand. Issuers must create supply. And that means both must see and experience concrete, material gains from tokenisation today and not in some distant future. “How” is the difference between words and actions.