Key Takeaways
- The DePIN market is predicted to surpass $3.5 trillion by 2028.
- The RWA market is expected to reach between $9 trillion and $30 trillion.
- RWA tokenization of intellectual property rights could challenge generative AI training models.
Real-world assets (RWAs) and decentralized physical infrastructure (DePIN) tokens could be the next major breakout sectors in crypto.
Grayscale, one of the industry’s largest digital asset firms, has added several RWA and DePIN projects to its top 20 picks, citing strong potential for growth in the coming months.
While the firm sees opportunity in these sectors, it warns that they remain highly volatile, even as they could unlock trillions in value.
Tokenization
RWA asset tokenization is set to be one of the fastest-growing sectors in crypto as it holds great promise not just for crypto but for many industries and governments worldwide.
As per Grayscale’s Q2 2025 crypto insights, one project looking to tap into the latent multi-trillion-dollar sector is Story (IP), a firm working to tokenize the intellectual property market.
According to Grayscale, Story is taking aim at the growing encroachment of artificial intelligence (AI) on copyright laws.
Given the numerous and massive copyright infringement lawsuits OpenAI has faced, Story’s approach to RWA tokenization could prove highly valuable.
Grayscale has also added decentralized finance (DeFi) protocol Maple (SYRUP) to its top 20 picks.
The firm emphasized Maple’s $600 million total value locked (TVL) and its plans to scale Syrup.fi to $2 billion through integrations with DeFi protocols like Pendle.
According to RWA.xyz, there is currently $19.64 billion in RWAs held on-chain, a 20.86% increase in the past 30 days.
In addition, adoption appears to be picking up as these are distributed across 91,670 holders, marking a 4.96% increase from the month prior.
DePIN
DePIN tokens are tied to networks that manage and operate, as the name suggests, physical infrastructure in a decentralized way.
This includes telecommunications projects like World Mobile Network (WMTX) and geospatial data systems such as Geodnet (GEOD), one of Grayscale’s latest picks.
According to Grayscale, Geodnet is the largest provider of real-time kinematic positioning (RTK). With 14,000 devices deployed across 130 countries, the network is already being used in agriculture and other industries.
However, Grayscale notes that Geodnet remains a high-risk investment due to its low market cap and limited exchange listings.
A Shift in Grayscale’s Outlook
While Maple, GEOD, and Story made it into Grayscale’s top 20, the firm rotated out Akash (AKT), Arweave (AR), and Jupiter (JUP).
Grayscale still sees value in these projects but determined that the newly added assets offer “more compelling risk-adjusted returns for the coming quarter.”
As per Grayscale’s latest list, five are now focused on Tokenization or DePIN. Other categories include Ethereum scaling solutions, staking, and AI-driven projects.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
