The tokenized commodity market is almost entirely gold. Gold is an obvious fit for tokenization: It’s global, standard, and already tracked through paper claims Plus, crypto investors already get it. Bitcoin was called “digital gold” long before tokenized gold took off. XAUt and PAXG translate a familiar ownership model to blockchains, turning claims on gold held in vaults into onchain tokens held in wallets. Everything else (tokenized oil, crops, energy, compute, etc.) is much earlier and has a smaller market share.(a16z crypto)