The key is to 'sell' or 'gift' the property rights to the resources that were previously part of the commons (and to a party that can economically protect their new asset).

I'm hoping one day something like that will happen with fisheries, e.g. someone will own fisheries or maybe even schools of fish. Anything less seems doomed to tragedy.

Note that government management of a previously 'commons' resource is, in theory, the same basic arrangement. In practice tho, the very different incentives shaping government organizations doesn't seem to as reliably protect resources as for private entities.

('Markets fail'. Governments fail too. What's the expected difference in the rate of failure of the two?)