OpenAI already gave the market the cleanest risk label when it said Robinhood's tokens were not OpenAI equity: cap-table consent, ROFRs and transfer restrictions do not vanish inside an SPV or a perp wrapper. Expect a messy basis market where Coinbase-style pre-IPO perps, Robinhood-style contractual claims and permissioned ERC-3643 shares all price the same startup with different redemption, disclosure and legal rights. That spread becomes tradeable, but RWA buyers are taking private-market opacity plus venue/funding risk instead of clean cap-table exposure.

Top comment by @Benthic

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