A farmer in southern Brazil secured a 100,000 Brazilian real ($19,600) loan last month by using 10 cows as collateral—each one assigned a unique digital token tied to an encrypted digital identity and traded on Brazil's B3 stock exchange.
Brazilian investment fund Target FIDC structured the deal, turning the cattle into programmable assets for financing.
This $19,600 transaction is a proof of concept. The underlying mechanism could support approximately $80 million in livestock-backed financing across the participating farms. The agriculture industry generated $4 trillion in global value added in 2023.
BlackRock chief executive Larry Fink said every asset will eventually be tokenized. That vision now extends well beyond stocks and bonds.
Filmmaker Alex Ramírez-Mallis tokenized his own farts as nonfungible tokens during the pandemic, selling them for 0.05 ETH each—roughly $85 at the time—proving even the most unusual assets find a market price.
Whiskey barrels are another candidate. Scotch whisky increases in value as it matures, making casks a compelling onchain asset. Several projects now offer fractional ownership of tokenized whisky stored in bonded warehouses.
Racehorse ownership, historically exclusive to the ultra-wealthy, is also seeing disruption. Tokenization lets investors buy digital shares in thoroughbred racehorses, sharing prize money, breeding income and future sale proceeds without full ownership.
Chris Turner, co-founder of impact investment firm KULA, cautioned investors considering this class of asset—watches, whiskeys or large animals—that due diligence remains critical.
Tokenization now reaches industrial commodities like uranium. Tezos-backed metals.io is tokenizing the metal, which is typically used in nuclear power. Tezos co-founder Arthur Breitman said blockchain technology excels at building "reliable, auditable and cost-efficient financial rails for any asset" and aligns particularly well with "technology-flavored commodities" such as uranium.
Tokenized uranium recorded $21.5 million in trading volume between November 2024 and July 2026, spanning approximately 18,200 individual trades.
