Pantera Capital's latest report reveals that the $321 billion tokenized real-world asset (RWA) market is still in its infancy, with most products acting as blockchain "wrappers" for traditional infrastructure. The report evaluated 542 assets, assigning an average tokenization progress score of just 2.04 out of 5. Notably, 77.6% of these assets are classified as "wrappers," while only 2.7% are considered "native." The report also projects significant growth in the tokenized asset market, with 168 new assets expected in 2025, marking a 115% increase from 2024. The market's total value is anticipated to rise from approximately $200.6 billion to $320.6 billion, reflecting a 60% growth.