The free market system is so far from what we have that I wouldn't be hopeful that we would do it successfully even if we tried. I'm not enthusiastic about a valuable public resource such as a fishery being managed by the market.
I like the system of licensing they have in the Maine lobster fishery, where a fishing licence, a lobster licence, is not considered a commodity. It is leased out by the State of Maine to fishermen. When a fisherman retires, the licence goes back to the state. The state then either eliminates it, if it thinks there are too many licences, or it reallocates it to somebody in line for a licence. I think that's a much better way to handle licensing.