Before SpaceX's IPO, perpetual futures tied to the company provided an accurate gauge of investor sentiment, but attempts to sell tokenized SpaceX shares failed due to insufficient stock, leading to refunds.

How this affects you

While perpetual futures demonstrated their utility for early market access and price discovery for private companies, the failure of tokenized shares due to a lack of underlying stock highlights a significant limitation for crypto's role in replicating equity ownership. This outcome provides insights for future high-profile private company listings, showing that creating a market for a stock is easier than creating ownership of it within the current crypto ecosystem.