Meni Rosenfeld's paper on the subject is one of the most brilliant bitcoin documents since the white paper -- it pretty much paved the way for the tokenization of cryptocurrencies. The Mastercoin white paper predates it by almost an entire year, but that was before my time and not really that impactful (outside of Tether, of course).

Nobody mentioned the main reason why nobody uses OMNI or Counterparty anymore, and that is because it is far too expensive to transact on the Bitcoin blockchain, unless you are creating orders hundreds or thousands of dollars in size. Kind of defeats the purpose of tokenizing something.

Somewhat ironically, it's now too expensive to transact tokens on Ethereum as well, so a lot demand is spilling into L2-oriented chains like MATIC, Binance Chain, etc.

I think Counterparty would still serve perfectly well for tokenizing more expensive things like real estate ownership, but the exchange (the world's first DEX, unless if that was NXT) would have to be readily re-creatable in case the counterwallet servers go down.