The world is a giant Tencent. @elevenlabsio, after completing a new round of financing, has reached a staggering post-money valuation of $11 billion. ▌The bad news is: Despite the presence of crypto VCs like a16z, Sequoia Capital, and Lightspeed Venture Partners among the investors, the probability of ElevenLabs pursuing a tokenization path remains extremely low. ▌The good news is: If ElevenLabs doesn't issue its own token, someone else will. It's always the same. When the leader refuses tokenization, the market inevitably spawns mirror projects. After ElevenLabs established its narrative ceiling, capital will quickly support a group of challengers selling themselves as "decentralized audio infrastructure." These projects will use ElevenLabs as a benchmark, completing their value distribution through token economics. History always rhymes. Will this time be an exception?