The Solana-based tokenization platform AgriDex reported that it has raised $5 million to put agricultural commodities on the blockchain.The South African wine organization Oldenburg Vineyards, the sub-Saharan African agricultural group African Crops, and Endeavour Ventures were among the investors in the pre-seed funding round, the company announced via email on Thursday.On its marketplace, AgriDex offers a variety of crops for purchase.Deals are safeguarded once they are completed by minting a non-fungible token (NFT) that contains all of the important transaction information.
In recent months, there has been a growing trend in the cryptocurrency sector related to the tokenization of real-world assets (RWAs).Although they came in second to meme coins’ 1,313% yield, RWAs were the second most lucrative story in the first quarter, according to a CoinGecko report, with returns of 286%.RWA tokenization has typically concentrated more on assets like bonds, stocks, and precious commodities like gold.AgriDex is making an effort to expand this story to include the $2.7 trillion global agriculture market.