Author: NFT Research
Between traditional finance and the on-chain world, RWA (Real World Assets) is rapidly emerging as a narrative path that is certain, scalable, and has real demand. As Ethereum and its Layer 2 network infrastructure continue to mature, more and more real assets are moving on-chain, from high-net-worth bonds and consumer goods to real estate and commodity inventories. The attempts at on-chain expression, trading, and settlement have entered the implementation stage.
The year 2025 is becoming a significant turning point for RWA. This path of integration has transitioned from vision to practice.
RWA: Why is the Crypto World Embracing "Reality" Again?
The crypto market is essentially an experiment in reconstructing financial structures. Starting with stablecoins, RWA has taken on the role of stability and value mapping in the form of "off-chain anchoring on-chain." Now, after experiencing multiple cycles of purely on-chain narratives, real assets are once again in the spotlight, with the underlying logic undergoing fundamental changes:
RWA is no longer a concept attached to stablecoins or bond products; it is becoming a complete on-chain asset narrative system.
From Experiment to Exponential Growth: The Acceleration Moment for RWA Has Arrived
The implementation of RWA is no longer a small-scale experimental exploration but is gradually forming a trend towards scalability. In the first half of 2025, the on-chain real asset market surpassed $24 billion, nearly five times the $5 billion in 2022, becoming the second-largest growth sector in crypto after stablecoins. This not only signifies an expansion of market size but also marks a shift in industry confidence—more and more traditional institutions view RWA as the starting point for entering the on-chain world, rather than a subsidiary path.
This growth is the result of multiple factors working together:
Institutional Entry
Maturity of Compliance and Infrastructure
Market Desire for Real Returns
Industry estimates suggest that by the early 2030s, 10% to 30% of global assets will achieve on-chain expression, releasing potential value far exceeding the current scale of the entire crypto market by a hundredfold. Whether RWA can truly be "utilized" will be a key indicator determining how far this transformation can go.
The Ethereum Ecosystem Becomes the Main Battlefield for RWA
For RWA to truly land, it requires reliable on-chain infrastructure. The Ethereum ecosystem is gradually becoming the core stage for this transformation.
The Ethereum main chain serves as a trust anchor, recording core states such as identity, ownership, and settlement, ensuring data immutability and long-term availability; while Layer 2 provides an efficient execution environment, significantly reducing interaction costs, making it easier for real assets to enter small-scale, consumer-facing, and even blockchain gaming applications, becoming the circulation engine connecting the real economy and Web3.
More importantly, the continuous advancement of open standards within the Ethereum ecosystem (such as ERC-4626, ERC-3643, ERC-7765, etc.) is providing a unified asset language for RWA: expressing ownership while covering lifecycle aspects, allowing assets to possess stronger combinability and automation capabilities.
Under this framework, the on-chain path for RWA no longer stops at "certification," but moves towards "usability": assets can enter DeFi, staking, claims, on-chain consumption, and other usage scenarios, achieving an on-chain experience of "use" rather than "store." Rollup constructs such a foundational layer that combines economic efficiency and combinability, truly bridging off-chain and on-chain assets.
Ethereum is not just the "soil" that supports RWA; it is also the core stage for the collaborative evolution of technology, liquidity, and standards in this chain reform movement.
RareShop and the RWA Exploration of ERC-7765
As a Layer 2 focused on building the next generation of on-chain asset protocols, Mint Blockchain is actively expanding the technical boundaries in the RWA field.
The innovative NFT asset protocol standard—ERC-7765—aims to break through the limitations of traditional NFTs that only represent digital collectibles, deeply integrating NFTs with RWA. ERC-7765 not only inherits the basic functions of ERC-721 but also introduces a new "privilege exercise" mechanism, allowing NFT holders to directly execute rights related to physical assets on-chain, such as redeeming physical goods or enjoying specific services.
RareShop, as one of the first practical application platforms for ERC-7765, has created the world's first consumer-facing RWA NFT marketplace. This process achieves on-chain full-process management through ERC-7765, seamlessly integrating traditional e-commerce with blockchain technology, building a bridge between digital rights and real-world delivery.
ERC-7765 represents a cutting-edge exploration of the deep integration of NFTs and the real world, marking an important milestone for Mint Blockchain in constructing the next generation of blockchain asset protocol ecosystems. As technology continues to mature, ERC-7765 and its ecological applications will accelerate the on-chain transition of physical assets, facilitating a seamless connection between the on-chain economy and the real economy.
Challenges Ahead and Future Outlook
Although real-world assets are gradually moving on-chain, their scalability still faces key challenges such as liquidity standards, but this is also the direction for infrastructure development in the next phase of the entire industry.
The good news is that the Ethereum mainnet serves as a trust root, while L2 networks represented by OP Stack provide a low-cost, composable environment, with standard protocols continuously advancing. At the same time, more and more consumer-facing application scenarios (such as RareShop) are building on-chain usage closed loops with real goods.
The competition in the next phase will no longer be about storytelling but about who can truly "utilize" assets.
Ethereum is the Real Starting Point for RWA, Not the Endpoint
The implementation of RWA is not a short-term trend but a long-term collaborative process between the on-chain world and the real world.
All of this is gradually taking shape within Ethereum and its Layer 2 networks. It is not just a technical path but a joint evolution of financial systems, value expression, and social structures.
RWA is landing. The main battlefield is already beneath our feet.
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