Companies have begun tokenizing metals - even those not yet mined
In 2026, mining and tech companies are increasingly launching tokens backed by metals like gold, copper, uranium, nickel, and cobalt to attract crypto investors to the commodities market, reports the FT. These tokenization projects aim to simplify retail investor access to physical metals, allow crypto capital to diversify through real-world assets (RWA), and create a new funding mechanism for mining projects.
This trend aligns with the broader adoption of blockchain in traditional finance. However, the tokenized metals market is still nascent. For example, the total value of gold ETFs was around $530 billion last month, while the two largest gold-backed tokens had a combined market cap of only about $4.6 billion.
Proponents argue blockchain simplifies access to commodities. Platform Metals.io has issued tokens for uranium, nickel, and cobalt, which can be exchanged for physical metal under certain conditions. Some firms, like Datavault AI, are even tokenizing metals not yet mined, using a model compared to futures contracts.
The growth occurs alongside a general RWA expansion, with the total market cap exceeding $43 billion. Yet, risks persist. Challenges include investors needing to understand the origin and quality of physical metals, market fragmentation with tokens traded on different platforms, and a lack of interoperability. Experts warn the market is in early stages but believe blockchain's ability to record information will drive eventual widespread adoption.
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