Read the legal claim
Determine whether the token is a security, debt claim, fund share, beneficial interest, receipt, synthetic exposure, governance token or access credential. Marketing shorthand is not the governing document.
Map custody and redemption
Identify the issuer, custodian, special-purpose vehicle, jurisdiction, redemption process, fees and what happens in insolvency or a service-provider failure.
Expect identity and geography rules
RWA campaigns may require verification, transfer whitelists or country restrictions. Submit sensitive documents only through the verified issuer route and review the privacy notice.
Review oracle and liquidity risk
A token can trade continuously while the underlying asset value updates periodically. Understand valuation timing, market depth and exit restrictions.
Evaluate the reward separately
The incentive token may not provide any claim on the real-world asset. Assess the product as though the airdrop did not exist, then decide whether the reward changes the risk-adjusted case.
