A token is a utility with a lifecycle. A token for its own sake is never needed.
Almost nothing fails because the token did not work. It fails because the token was never tied to anything — no purpose the product required, no design that served that purpose, no honest read after launch, and no line connecting it to what ships next.
And launching a token is a separate business. It has its own holders, its own economics, its own operations and its own obligations. It has to overlap with the core product and the utility that justifies it, and it never becomes the same business. Companies get this wrong in both directions: treating the token as one more item on the roadmap, or running it so far from the product that nothing connects.
Which means a second business now sits inside the company, crossing legal, product, finance, communications and operations. Issuance gets a vendor, a timeline and a budget. What follows it rarely does: who holds the record when the chain and the registrar disagree, what a continuous market implies for a team that works weekdays, and what the fully loaded cost per holder turns out to be once compliance, custody and support are counted.
A second business, crossing every function, without a single owner. That is the work.