Tokenization's impact on market efficiency:

1. _New investment products_: Tokenization enables the creation of innovative investment products, such as tokenized funds and securities.

2. _Improved liquidity_: Tokenization increases liquidity by enabling investors to buy and sell tokens easily.

3. _Reduced costs_: Tokenization eliminates intermediaries and reduces administrative costs, making investment more efficient.

4. _Increased accessibility_: Tokenization enables investors to access new markets and assets, increasing market participation.

5. _Improved price discovery_: Tokenization enables real-time pricing, reflecting current market conditions accurately.

6. _Reduced information asymmetry_: Tokenization ensures equal access to information for all market participants.

7. _Increased transparency_: Tokenization provides a clear and publicly accessible record of transactions and ownership.

8. _Improved risk management_: Tokenization enables investors to manage risk more effectively through tokenized derivatives and hedging strategies.

By increasing market efficiency, tokenization enables investors to access new investment opportunities, reduces costs, and improves overall market functioning, leading to a more robust and resilient financial system.