Many people describe tokens as the utility business (water, electricity, gas) of the AI era. Actually, I think tokens are far bigger than utilities. They are essentially the first true commodity in the internet industry, and cross-border trade currently isn't taxed. In the short term, it's a business of models and inference computing cards; in the long term, it's arbitrage on electricity costs and bandwidth. Does this story sound familiar to everyone? Yes, this is the story crypto once told.