Miguel Kudry, CEO of L1 Advisors, explains why the disconnect between retail sentiment and institutional adoption is accelerating tokenization faster than anyone expects. While gaming companies shut down and crypto Twitter panics, the DTCC has just received SEC approval to tokenize $100 trillion in assets, creating unprecedented access to collectibles markets. Miguel explains why financial advisors managing $70 trillion are starting to have crypto conversations with clients for the first time, that many hold double-digit percentages of net worth in held-away crypto assets, and how tokenization will transform collectibles from a niche hobby into an indexed asset class alongside stocks and bonds.
Host Steven Schill and Miguel discuss why physical collectibles are surging as tokenization infrastructure scales, how the four-year crypto cycle is dying, and why the "last mile" of AI-powered distribution will unlock access to collectibles for mainstream wealth management.
This episode covers:
- The "subway infrastructure" that will drive economic activity to collectibles protocols
- The advisor conversation shift: From zero crypto discussions to discovering clients hold tens/hundreds of millions in held-away crypto assets
- Athletes and younger demographics are driving collectibles as an asset class, according to conversations with wealth managers in 2025
- Miguel's timeline acceleration: From "5 years away" to "next year is the year" for institutional tokenization adoption
- Why advisors won't pick individual collectibles, they'll invest in themes, indices, and play-to-earn verticals like CryptoPunks indexes
- The last mile revolution: How AI agents will create custom portfolios and investment mandates, enabling solo advisors to compete with mega-firms
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