NCT's Strategic Move into On-Chain Digital Asset Infrastructure: A High-Conviction Play on Real-World Asset Tokenization and Enterprise Web3 Adoption

The global financial landscape is undergoing a seismic shift as blockchain technology redefines how real-world assets (RWAs) are tokenized, traded, and integrated into digital ecosystems. At the forefront of this transformation is NCT (NASDAQ: NCT), a global carbon-neutral shipping company that has pivoted strategically into on-chain digital asset infrastructure. By acquiring a minority stake in Starks Network Ltd. and co-developing the zCloak Network, NCT is positioning itself as a pivotal player in the convergence of maritime services and Web3 innovation. This analysis argues that NCT's bold foray into RWA tokenization and enterprise Web3 adoption represents a high-conviction investment opportunity, underpinned by robust market tailwinds, institutional momentum, and a clear path to scalable revenue.

The Market Opportunity: A $35.67 Billion RWA Tokenization Sector

The RWA tokenization market has exploded in 2025, growing from $8.6 billion to over $35.67 billion in on-chain value by Q3 2025 according to a market report. This surge is driven by institutional demand for yield-bearing assets such as private credit, U.S. Treasuries, and real estate, as well as regulatory clarity in major jurisdictions like Singapore, Hong Kong, and the UAE according to an agreement. For instance, BlackRock's tokenized USD Institutional Digital Liquidity Fund (BUIDL) has attracted over $500 million by tokenizing U.S. Treasuries, while platforms like RealT enable fractional ownership of rental properties according to industry analysis. These developments underscore a maturing market where tokenization is no longer a speculative experiment but a mainstream financial tool.

NCT's zCloak Network is uniquely positioned to capitalize on this growth. By leveraging AI identity verification, enterprise self-custodial wallets, and stablecoin payment systems, zCloak addresses critical pain points in RWA tokenization. Its collaboration with Starks Network-a Singapore-based Web3 innovator backed by Coinbase Ventures and Hong Kong Cyberport- further strengthens its technological credibility. With global stablecoin transaction volumes already surpassing those of Visa and Mastercard in 2024 according to industry data, zCloak's infrastructure is poised to become a foundational layer for enterprises seeking to tokenize assets across industries.

Enterprise Web3 Adoption: NCT's Strategic Edge
The urgency for enterprise adoption of Web3 technologies has never been higher. A 2025 report by Deloitte notes that 60% of Fortune 500 companies are now actively pursuing blockchain and distributed ledger technology (DLT) initiatives. This shift is driven by the need for transparency, efficiency, and new revenue streams in sectors ranging from supply chain management to financial services. NCT's maritime expertise, combined with zCloak's Web3 infrastructure, creates a compelling value proposition: digitizing trade and logistics through tokenized assets and blockchain-enabled payments.

For example, zCloak's AI-powered crypto payment systems could streamline cross-border transactions in the shipping industry, reducing settlement times from days to near-instantaneous. This aligns with broader trends in enterprise Web3 adoption, where 315 brands launched 526 Web3 projects in 2022 and Q1 2023. NCT's CEO, Ms. Muchun Zhu, has emphasized the high-margin potential of zCloak's technology, citing industry benchmarks where leading infrastructure providers achieve annual revenues of $30–40 million according to company statements. While zCloak's specific financials remain undisclosed, its alignment with a $25.5 billion digital asset market (up from $5 billion in 2022) suggests significant upside.

Regulatory and Institutional Momentum

Regulatory progress is accelerating the adoption of RWA tokenization. Major financial hubs are now providing legal frameworks to support tokenized assets, with institutions like HSBC, Tether, and Franklin Templeton exploring tokenized deposits and securities. For instance, the UAE's first tokenized villa sale in Dubai signaled broader regulatory acceptance, while Singapore's Monetary Authority (MAS) has actively incubated blockchain projects like zCloak. This institutional momentum reduces the risk of regulatory headwinds, a historical barrier to Web3 adoption.

NCT's partnership with Starks Network also benefits from its incubation under Hong Kong Cyberport, a government-backed initiative that fosters innovation in fintech and blockchain. This alignment with regulatory sandboxes and institutional-grade infrastructure providers positions NCT to navigate compliance challenges more effectively than smaller, unregulated players.

Financial and Strategic Implications

While zCloak's Q3 2025 financial performance remains undisclosed, the broader market context is bullish. The digital asset market's 410% growth from 2022 to July 2025 highlights the sector's explosive potential, and NCT's focus on high-margin Web3 infrastructure positions it to capture a significant share. By tokenizing real-world assets across industries-such as shipping cargo, real estate, and government securities-NCT can diversify its revenue streams beyond traditional maritime services.

Moreover, zCloak's emphasis on privacy-preserving identity and compliance verification aligns with enterprise demand for secure systems. This is particularly relevant in the shipping industry, where supply chain transparency and asset provenance are critical. NCT's ability to integrate blockchain into its core operations could create a flywheel effect: digitizing trade, reducing costs, and attracting institutional clients seeking tokenized asset solutions.

Conclusion: A High-Conviction Investment Thesis

NCT's strategic acquisition of Starks Network and its co-development of zCloak Network represent a masterstroke in positioning for the future of finance. By leveraging RWA tokenization, enterprise Web3 adoption, and institutional-grade infrastructure, NCT is not merely diversifying its business but redefining its role in a blockchain-driven economy. The confluence of market growth, regulatory progress, and institutional demand creates a compelling case for investors seeking exposure to the next phase of digital asset innovation.

As the RWA tokenization market approaches $35.67 billion in on-chain value and stablecoin transaction volumes outpace legacy payment systems, NCT's infrastructure is uniquely positioned to benefit. For investors with a high-conviction outlook on Web3's integration into traditional industries, NCT offers a rare combination of strategic foresight, technological differentiation, and scalable growth potential.