Gold dominates on the chain, while oil and agricultural products are still in their infancy; this landscape is more extreme than I imagined.

a16z Crypto points out that the tokenized commodity market is almost monopolized by gold. As of 2026-05-07, on-chain tokenized gold is approximately $5 billion; tokenized silver is about $28.1 million, gold ETFs are around $14.1 million, and other commodities total approximately $2.95 million. Gold has characteristics such as global circulation, standardization, and being based on paper certificates, making it naturally suitable for tokenization. XAUt and PAXG map the ownership of gold reserves to on-chain wallets. Besides gold, tokenized oil, agricultural products, energy, and computing power are in very early stages.