"In the near future, you will be able to invest in a part of a rental house, or a fraction of a gram of a large bar of gold in some vault. You will be able to buy a stock, online, without any broker… or just a piece of that stock.

"You will no longer be limited to stuff that can be physically in your possession. You will no longer be limited by middlemen. You will no longer be limited by minimums."

I can already do all those things without tokenization. Corporations enable all those things and have for centuries. Coca Cola will sell you partial shares of stock directly, no broker or tokens necessary.

"...several people claim they own the same stock."

None of them do, as you point out. They have the promises of the actual owners to avail them the equity in the stock, which is continuously owned, as you note, by a third party.

"What does gold give to a blockchain that digital scarcity doesn't already give us?"

An actual asset that doesn't disappear when the power goes out.

Just like with stocks, whoever is holding the gold actually owns it, because they have physical control of it, and possession is 90% of the law.

"It is just a matter of time before gold is forgotten..."

You gonna wear some earrings of data? Don't be silly.

"...the property a small community lives on, will be quite apparent in who "owns" it."

Whoever can defend it from everyone else.