有沒有想過擁有畢加索會是什麼樣？

通過改變我們理解所有權的方式，現實世界資產（RWA）的代幣化可以使無法實現的實現。

Ever wondered what it would be like to possess something outlandishly expensive and one-of-a kind? Maybe a Picasso, a 10-carat diamond, a limited edition Ferrari?

有沒有想過擁有一些昂貴且獨一無二的東西會是什麼樣？也許是畢加索，10克拉鑽石，限量版法拉利？

Well, RWA tokenization might just be able to make the unattainable attainable.

好吧，RWA令牌化可能只能使無法實現的實現。

More mundane assets like bonds and real estate are already moving into the DeFi ecosystem at speed. Figures from RWA.xyz show the market cap for tokenized RWAs hit a new all-time high of $20 billion this month – with BlackRock’s recently-launched tokenized U.S. Treasury fund (BUIDL) accounting for more than $2.5 billion.

諸如債券和房地產之類的平凡資產已經以速度轉移到Defi生態系統中。 rwa.xyz的數據顯示，該代幣化RWA的市值本月達到了新的200億美元新歷史高峰 - 萊克羅克（BlackRock）最近推出的令牌美國財政基金（BUIDL）佔25億美元以上。

Greater TradFi adoption seems almost certain. Is there a place for tokenized RWAs in your portfolio?

幾乎可以肯定地採用了更大的tradfi採用。您的投資組合中是否有一個令牌RWA的地方？

Understanding Tokenized RWAs

了解像徵性的rwas

In RWA tokenization, physical assets like art, cash, real estate, or precious metals are used to create virtual investment vehicles on the blockchain.

在RWA令牌化中，使用藝術，現金，房地產或貴金屬等物理資產來在區塊鏈上創建虛擬投資工具。

Rather than use paper for the deed to a house or a certificate of authenticity, proofs of ownership and validity live in the decentralized finance (DeFi) ecosystem. There they can be traded between counterparties or fractionalized and put up for sale, giving many people partial ownership.

與其將紙張用於房屋或真實性證書，而是在分散的財務（DEFI）生態系統中擁有所有權和有效性證明。在那裡，它們可以在交易對手之間進行交易，也可以分數化並出售，從而為許多人提供了部分所有權。

Real-world utility and ease of use are key attractions.

現實世界實用程序和易用性是主要景點。

RWA tokenizing specialist Ondo Finance claims its onboarding process for retail traders can take less than five minutes — almost unheard of in technically complex DeFi. Last year its ONDO governance token grew by over 550%.

RWA令牌專家Ondo Finance聲稱，其零售交易者的入職過程可能需要不到五分鐘的時間，這在技術複雜的Fefi中幾乎聞所未聞。去年，其Ondo Constance代幣增長了550％以上。

Mantra Chain aims to do the same for institutions, making the process of launching, listing, and trading RWAs compliant and similar to investing in real estate and corporate bonds. In 2024 its native OM token grew 2,100%. Both companies achieved a market cap of $1 billion or more.

Mantra Chain的目標是為機構做同樣的事情，制定符合RWAS的啟動，上市和交易的過程，並且類似於對房地產和公司債券進行投資。 2024年，其本地OM令牌增長了2,100％。兩家公司的市值達到了10億美元或更多。

Why is RWA tokenization in the news?

為什麼新聞中的RWA令牌化？

Though it only captured mainstream media attention last year, tokenization has always been synonymous with blockchain.

儘管它僅引起了去年主流媒體的關注，但令牌化一直是區塊鏈的代名詞。

Pritam Dutta, founder and chief executive of RWA tokenization company Zoth, told Bloomberg that “improved regulatory clarity and the approval of spot Bitcoin ETFs have boosted institutional confidence among traditional finance players.”

RWA代幣化公司Zoth的創始人兼首席執行官Pritam Dutta告訴彭博社，“改善了監管清晰度和現貨比特幣ETF的批准，增強了傳統金融參與者的機構信心。”

Oh Thongsrinoon, chief marketing officer of fashion metaverse company ALTAVA, told an industry gathering in August 2024 that DeFi innovations have made tokenized assets more trustworthy and reliable.

時尚元公司Altava首席營銷官Altava的首席營銷官Oh Thongsrinoon在2024年8月的一次行業聚會上說，Defi Innovations使令牌資產更加值得信賴和可靠。

In a posting on X last year, Tom Wan, a digital asset strategy associate at crypto asset manager 21.co, said decentralized autonomous organizations (DAOs) were tapping into this newfound sense of trust to diversify away from more volatile crypto assets.

加密資產管理經理21.co的數字資產戰略助理湯姆·萬（Tom Wan）在X上發表的文章中說，分散的自治組織（DAOS）正在採用這種新發現的信任感，以使遠離更揮發性的加密資產。

DAI stablecoin issuer Sky (formerly MakerDAO) aims to onboard up to $1 billion in tokenized US Treasury bills and bonds this year. Its governance token MKR hit a three-year high on news of the move.

Dai Stablecoin發行人Sky（以前是Makerdao）的目標是今年在代幣化的美國財政賬單和債券上登上最高10億美元。它的治理令牌MKR在這一舉動的新聞中達到了三年的高潮。

In August 2024, MKR was up over 70% year-to-date, outperforming Bitcoin by 53% for the year-to-date and Ether by 51%.

2024年8月，MKR年至今的70％超過70％，比比特幣的比比特幣高出53％，以太幣的比比特幣增長了51％。

How will the RWA tokenization market evolve this year? ALTAVA’s Thongsrinoon believes the democratization of access to previously illiquid and high-value assets means tokenized real estate, commodities, and private equity will see substantial interest.

RWA令牌化市場今年將如何發展？ Altava的Thongsrinoon認為，獲得以前流動性和高價值資產的民主化意味著令牌化的房地產，商品和私募股權將看到極大的興趣。

“These asset classes offer the potential for high returns and diversification, making them attractive to both institutional clients and retail users.”

“這些資產類別為高回報和多元化提供了潛力，使它們對機構客戶和零售用戶都有吸引力。”

Zoth’s Pritam Dutta told Reuters that he expects this interest rate cut cycle by the US Federal Reserve to make tokenized US Treasuries less attractive due to falling yields.

Zoth的Pritam Dutta告訴路透社，他希望美國美聯儲的這種降低率降低的周期會使由於收益率下降而使美國的美國國債降低了吸引力。

This could help tokenized corporate bonds shine, one reason why Zoth is set to launch a tokenized liquid note with exposure to both corporate bonds and T-bills.

這可能有助於令牌化的公司債券的閃耀，這是Zoth設定發行標記的液態票據的原因之一，並在公司債券和T-Bills上都受到暴露。

“Corporate bonds are particularly appealing as a high-quality yield alternative in a low-interest-rate environment, especially with the Federal Reserve hinting at potential rate cuts later this year.”

“公司債券特別有吸引力，作為在低利率環境中的高質量收益率替代方案，尤其是在美聯儲暗示今年晚些時候的潛在利率降低時。”

DeFi's tokenized future

Defi的象徵性未來

From supercars to precious metals, offline-world treasures are rapidly moving on-chain, transforming how they're owned, managed and traded. Boston Consulting Group estimates the total value of tokenized RWAs could reach $16 trillion by 2030. Standard Chartered thinks $30 trillion is possible.

從超級跑車到貴金屬，離線世界的寶藏正在迅速移動鍊子，改變了它們的擁有，管理和交易的方式。波士頓諮詢集團估計，到2030年，令牌化RWA的總價值可能達到16萬億美元。標準特許認為可能是30萬億美元。

In an analysis published for its 10th Digital Money Symposium, Citigroup said tokenization presents investors with the ultimate application for cryptocurrencies and blockchain.

花旗集團（Citigroup）在為其第十次數字貨幣研討會上發布的分析中說，令牌化為投資者提供了加密貨幣和區塊鏈的最終應用。

“Almost anything of value can be tokenized and tokenization of financial and real-world assets could be the killer use case blockchain needs to drive a breakthrough.”

“幾乎任何有價值的東西都可以成為像徵性的，金融和現實世界中資產的令牌化可能是殺手case案例鍊鍊的殺手case case鏈，以推動突破。”

Crypto has long been criticized for failing to find the right product-market fit. With some of the biggest institutions making moves in this space, RWA tokenization might change the narrative.

長期以來，Crypto一直因未能找到合適的產品市場合適而受到批評。隨著一些最大的機構在這個領域進行動作，RWA令牌化可能會改變敘述。