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Gold is leading the RWA (Real World Asset) track by a mile, while tokenization of oil and computing power is still at the starting line. This pattern is unlikely to change in the short term.
They cited rwa xyz data indicating that as of May 7, 2026, the value of tokenized gold is approximately $5 billion, far exceeding categories like silver and other commodities.
a16z believes that the standardization features of gold and its compatibility with digital assets make it the most successful application in the RWA field, while tokenized oil, energy, and computing power and other commodities are still in the early stages of development, with market share far below that of gold.