The world is one big Tencent. @elevenlabsio has completed a new round of financing, bringing its post-money valuation to a staggering $11 billion. ▌Bad news: Even though investors include Crypto VCs like a16z, Sequoia Capital, and Lightspeed Venture Partners, the likelihood of ElevenLabs taking the tokenization route is still extremely low. ▌Good news: If ElevenLabs doesn’t issue a token, someone else will do it for them. It’s always like this. When the frontrunner refuses to tokenize, the market inevitably spawns mirror projects. After ElevenLabs sets the narrative ceiling, capital will quickly back a wave of challengers touting “decentralized audio infrastructure” as their selling point. These projects will use ElevenLabs as their benchmark and anchor, leveraging tokenomics to distribute their value. History always rhymes. Will this time be an exception?