XAUt, PAXG pack vault gold into wallets, while oil and agricultural products remain stagnant—The landscape of tokenized commodities is more extreme than I imagined, with gold winning big by relying on a century-old standardization.

a16z Crypto points out that the tokenized commodity market is almost monopolized by gold. As of May 7, 2026, on-chain tokenized gold is approximately $500 million, silver about $28.1 million, gold ETFs around $14.1 million, and other commodities about $2.95 million. Gold is more suitable for tokenization due to its long-standing reliance on global circulation, standardization, and paper certificate trading, with XAUt and PAXG mapping the ownership of vault gold to on-chain wallets. Besides gold, tokenized oil, agricultural products, energy, and computing power are still in the early stages, with limited market share.