Like a warehouse receipt, or several other things - this pattern repeats in many different areas of trade, and what people call it and how precisely they do the legal paperwork varies.

But yes: you have the token, you have the right to the thing, and the supporting legals implement consequences in the real world or on chain via escrows if that right is not met.

https://medium.com/union-finance-updates-ideas/union-partner... for example.