The tokenization industry is building steam as adoption increases. According to recently published data, the value of the industry has recorded a notable upsurge in recent times.

In the blockchain ecosystem, tokenization is a term that refers to the process of issuing a blockchain token. These tokens are also known as security or asset tokens which are digital representations of real-world assets. Tokenization occurs when a real-world asset is represented in digital format as a cryptocurrency.

According to Dune Analytics, an on-chain data platform that provides crypto analysts extensive data, the tokenization ecosystem is estimated to be valued at a whopping $220 million. It is worth noting that the value centers on six projects across the industry including Ondo, Matrixdock, Backed, OpenEden, Franklin Templeton, and Swarm.

At press time, the dashboard on Dune reveals that the securities tokens have recorded an 11 percent growth over the last 30 days. Ondo remains the most valued as Securities tokens, with its market cap going over $100 million, and market share surging by 54 percent.

The aforementioned figure highlights the level of growth recorded in the industry since the tokenization trend took over the market.

The co-founder of Polygon is bullish on Web3 gaming

Meanwhile, Sandeep Nailwal the co-founder of Polygon has given major insight into where the cryptocurrency market is headed. Nailwal strongly believes that the Web3 gaming sector will drive crypto adoption in the long term, at a large scale.

I think gaming is the largest scale opportunity for crypto, There are some top games launching in Web3 in the next 6-18 months and it would be very interesting to see if some of them are able to crack the crypto code. Last year itself there was $2 billion+ in funding for Web3 games.

Furthermore, the web3 industry will welcome a significant number of games in the next few months, and Nailwal is excited about the possibilities. He further asserted;

There are some top games launching in Web3 in the next 6-18 months and it would be very interesting to see if some of them are able to crack the crypto code. Last year itself there was $2 billion+ in funding for Web3 games. Polygon combined with its ecosystem players like IMX [Immutable X] got the lion’s share in terms of those funded games. Fingers crossed for some of them to go big!

Sharing his thoughts on decentralization, the Polygon co-founder explained that crypto is still in its nascent stage. He maintains that there isn’t any blockchain ecosystem that isn’t fully decentralized. However, he points to the Bitcoin and Ethereum blockchains as the exceptions. Nailwal is also of the opinion that blockchains going fully decentralized from the onset is not necessary.