Data: The tokenized commodity market is almost entirely dominated by gold.

According to Mars Finance, a16z crypto states that the tokenized commodities market is currently almost entirely comprised of gold. They point out that gold is suitable for tokenization because of its global liquidity, standardized characteristics, and long-standing traceability through paper certificates. a16z crypto also notes that crypto investors are no strangers to this model; Bitcoin was already known as "digital gold" before the rise of tokenized gold. XAUt and PAXG, for example, migrate the traditional gold ownership model to the blockchain, converting the gold rights held in vaults into on-chain tokens stored in wallets. In contrast, tokenized oil, crops, energy, and computing power are still in their early stages and have a smaller market share.