Certainly, these narratives in the crypto markets are interesting, particularly tokenization of Real World Assets (RWA), this could be potentially the theme of next bull run. It reflect the ongoing innovation and development in crypto space. However, I think the most prominent narrative which keeps attracting substantial attention in social media is the significant interest of major financial institution like BlackRock in pursuing regulatory approval seek approval for the issuance of Bitcoin ETF for spot markets of crypto currencies.
Tokenization of the Real World Assets have only ventured into the NFT space. I feel it is slowly becoming saturated and I feel the upward trend that it had is now slowly dieing down. There next would be financial institution venturing into the cryptocurrency market through spot ETF of Bitcoin. Other cryptocurrency like Ethereum after Bitcoin would be in their mind. The next bull run would be because of ETFs and Bitcoin halving.
Tokenization of the Real World Asset is indeed slow nowadays, but it is likely to regain momentum once the potential of this sector is recognized by the prominent investors. I agree with your perspective that next bull run is likely to be driven by institutional involvement in cryto currencies, specially once they obtain regulatory approvals from Security and Exchange Commission (SEC), that is likely to materialize in 2024. It is worth mentionin here that bull run of 2021 was largely sparked by the involvement of Microstretegy in crypto currencies.