This essay critiques the hyper-tokenization trend where every content piece gets its own token. It argues that fragmented tokens create zero-sum dynamics, harm creators and collectors through boom-bust cycles, and erode community alignment. Instead, it advocates for vertically integrated token systems where fewer, broader tokens capture value across multiple layers, creating sustainable growth and aligned incentives.

This essay critiques the hyper-tokenization trend where every content piece gets its own token. It argues that fragmented tokens create zero-sum dynamics, harm creators and collectors through boom-bust cycles, and erode community alignment. Instead, it advocates for vertically integrated token systems where fewer, broader tokens capture value across multiple layers, creating sustainable growth and aligned incentives.