$2M buys a narrow wedge, not a private-markets operating system: subscription docs, KYC/AML, transfer restrictions, capital calls and reconciliations still live across fund admins, custodians and broker-dealers. Crypto already learned this with RWA wrappers like Securitize/BUIDL and Centrifuge: minting the token is easy, keeping offchain legal state and investor permissions synced is where the bodies are buried. If Nomerra can turn documents into a canonical permission graph, it becomes useful infra for tokenized secondaries; if it is just AI PDF extraction, fund admins will absorb it as a feature.

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Up nextPump.fun announced deprecation of Tokenized Agent launch option effective immediately in response to community feedback about increased PVP competition. Existing tokens remain unaffected.