Mining and technology groups are creating crypto tokens tied to metals such as gold, copper and uranium to tap rising metal prices and crypto hype. These tokens promise a simpler way for retail investors to touch physical metals than traditional commodity trading.

Gold is the flagship example. Exchange‑traded funds backed by bullion total $530bn, but tokenised gold lags behind: Tether Gold sits at about $2.7bn and Pax Gold at $1.9bn. Investors favour direct ownership via ETFs, while token holders cite potential for easier redemption.

Other metals are being tokenised too. Metals.io has issued uranium, nickel and cobalt tokens, reaching just $24mn in cumulative trading and 9,000 holders since December 2024. Blue Gold and Datavault AI are pushing copper, antimony and other minerals into the crypto space, aiming to fund extraction before the metals are mined.

Experts warn that mining’s complexity, regulatory gaps and lack of standardisation make tokenised metals risky for non‑specialists. Interoperability and the need for clear custody are key hurdles that still need to be overcome.