Digging Deep into Jia Yueting’s Foray into RWA: Who’s the New Director Behind the Veteran Actor?
He once raised funds for car-making with PPTs, and now he wants to finance “coin-making” with pre-orders. Jia Yueting is packaging “faith-based economy” into the new script of RWA (Real World Asset).
From “Car Dream” to “On-Chain Dream”: Jia’s Script Turns a New Page
On July 17, Jia Yueting was talking about FF’s new electric car FX Super One on a rooftop parking lot in Los Angeles; just 5 days later, FF announced a strategic cooperation with digital asset infrastructure platform HabitTrade, throwing out complex concepts like “EAI mobility + Web3 + blockchain + crypto + stablecoin”, and vowed to build a “value integration ecosystem” connecting “Web2 & Web3”, “on-chain & off-chain”, and “reality & virtual”. Before the car is mass-produced, the Web3 drama has already begun—truly the “grandmaster” of PPT entrepreneurship.
RWA Isn’t for Everyone: What Can FF “On-Chain”?
The core of RWA is “moving off-chain valuable assets onto the chain for circulation”, which requires assets to have legal ownership and clear revenue paths (e.g., real estate, bonds, gold). But FF’s “assets” seem special:
– Hanford factory has not reached full production for years, and there are even doubts about whether its water and power grids are functional;
– FF 91 has minimal deliveries with huge losses per vehicle;
– Concept cars are released every year but delayed repeatedly, with no delivery time mentioned on official tweets.
The only thing that might be “on-chain” is the 10,000+ pre-orders. Though undelivered and not legally recognized as accounts receivable (cannot be booked), these orders can be packaged as “future cash flow expectations”—a type of “contingent asset”. In short, Jia’s logic might be: Package pre-orders into a “future revenue rights asset pool”, have RWA Group design token products, and sell them via HabitTrade platform. Essentially, it’s still the closed loop of “using car sales promises to raise car-making funds”, just wrapped in Web3 packaging.
Who’s the Real Director? HabitTrade and RWA Group’s Agenda
The “script” of this RWA drama is pre-orders, while HabitTrade and RWA Group are the “director” and “stage designer”:
– HabitTrade: A Cayman-registered “stablecoin shuttle bus” good at using USDT to connect US stocks, Hong Kong stocks, and crypto assets. It previously helped U-Power with “equity + token” financing, similar to FF’s pre-order tokenization—attracting crypto speculators with stablecoins.
– RWA Group: Formerly NFT China (a hit during the 2021 NFT bull market), now a “RWA tokenization expert” specializing in asset packaging, structural design, and compliance. It doesn’t need FF to actually make cars, just a “future cash flow model” to handle token issuance and on-chain linking.
This cooperation isn’t FF’s “on-chain chaos”, but a “carefully calculated” financial narrative project—rooted in structural arbitrage, not car-making ideals.
FF’s RWA Experiment: Self-Rescue? Party? Or Minefield?
Analyzing its feasibility from three angles:
1. Short-term Speculation: Narrative Drives Emotion
As long as pre-orders are real with payment records, RWA Group can package them into a “future cash flow pool” and issue tokens. HabitTrade provides stablecoin trading channels, and with “listed company + pre-orders + airdrop expectations”, short-term market sentiment can be easily activated.
Underlying Asset Doubts: It’s “Emotional Crowdfunding”, Not RWA
Pre-orders are essentially “unprotected promises”—investors aren’t buying cash flow, but Jia’s credibility, FF’s car-making ability, and the collective imagination of “delivery next week”. This isn’t “real asset on-chain”, but “faith tokenization”.Regulatory Risks: Walking a Tightrope Under SEC’s Eyes
FF is a Nasdaq-listed company under SEC investigation for financial issues. Tokenizing pre-orders to raise funds from US citizens could cross the “unregistered securities offering” red line. This isn’t edge innovation, but testing regulatory boundaries.
Conclusion: Old Script, New Stage
Short-term, this RWA experiment may work for speculation via “FOMO情绪”; mid-term, it may hit a minefield due to hollow assets or regulation; long-term, it depends on FF’s actual mass production.
In essence, it’s still Jia’s familiar script—using “future promises” for current financing, just moving from PPT to Web3. He might gain short-term attention and believers, but if RWA becomes a “narrative packaging machine”, it will deviate from its original purpose of “connecting real assets”.
Read More《深扒贾跃亭进军RWA，老演员背后的新导演是谁?》
This content is AI-generated and does not constitute investment advice. Please exercise your own rational judgment.
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