Tokenization Market Stuck in 'Newspaper-on-a-Website' Phase

The tokenized real-world asset market is still in its early stages, according to Pantera Capital's recent report. The $321 billion market has been growing rapidly, with 168 new tokenized assets launching in 2025, a 115% increase from the previous year.

However, most of these new products are simply blockchain wrappers around conventional systems rather than fully native instruments. Pantera describes this state as the 'newspaper-on-a-website' phase.

The firm evaluated 542 tokenized assets across 11 asset classes using its Tokenization Progress Index and found that only 2.7% of tracked assets reached the native tier, while 77.6% functioned as wrappers.