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InfoFi Trinity "Mouth-Looting" Guide: Kaito, Cookie, and Galxe
Over the past week, the cryptocurrency market has been sluggish, but "mouth-looting" has gained attention as a new way to participate. This article focuses on the three major "mouth-looting" projects: Kaito, Cookie, and Galxe. In the past week, the market has been in a tug-of-war, with the overall cryptocurrency market falling into a slump. Both price performance and community discussion热度 have been as stagnant as a dead pool. However, in this silence, a new way of participation has increasin...
The Quiet End of an Era: How Wallets Lost the Battle for Traffic to CEXs
An era has quietly come to an end. Wallets, as standalone products, seem to have reached their twilight. Struggling with profitability, they are increasingly being acquired or integrated by centralized exchanges (CEXs) or traditional fintech giants, becoming mere components of larger ecosystems—such as stablecoin payments—rather than the focal point of industry development.The Decline of Standalone WalletsFor entrepreneurs in the space, persistence has become a virtue in itself. The goal? Sur...
Impact of SynFutures' Entry into AI Agents
From SynFutures to AI Agents: A New Era for DeFAI The product form of AI Agents is more suited to appear as embedded service middleware, which helps to bring the trading experience back to the simplicity and intuitiveness of Web2. The revival of the AI Agent track will not be driven by "CA engineers" who excel in performance, but by "product engineers" who focus on practical implementation. In the midst of a market sentiment storm caused by the collective failure of on-chain PVP leaders and t...
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Last year, the tokenization of Real-World Assets (RWA) undoubtedly became the most compelling narrative in the cryptocurrency sphere.
Looking ahead, VanEck, a prominent player in the global investment community, predicts that the size of the RWA market could potentially exceed the $50 billion mark by the end of 2025. This forecast undoubtedly reveals the strong driving force behind this emerging trend.
Notably, the adoption and layout of tokenization by traditional financial institutions have become another key force driving its development. Financial giants such as JPMorgan Chase, UBS, BlackRock, Citibank, and Goldman Sachs are gradually shifting from theoretical exploration of blockchain technology to comprehensive and in-depth application practices. This transformation is profoundly changing the way various industries manage, trade, acquire, and utilize real-world assets.
Tokenized Government Bonds as an Example
The growth of tokenized government bonds in 2024 was explosive, soaring from 769millionatthebeginningoftheyeartoover2.2 billion by September.
Three years ago, the value of tokenized risk-weighted assets in the cryptocurrency industry was less than 2billion.However,byJanuary2025,thesizeofthismarkethadsurgedto16.82 billion.
A report released by Fidelity in January 2025 clearly stated that tokenization is poised to become the "killer app" of 2025. For emerging markets, tokenization undoubtedly brings unprecedented liquidity and opportunities, enabling both corporations and everyday investors to access markets that were once out of reach.
The Charm of Tokenization
The appeal of tokenization lies in its ability to not only bring unprecedented transparency to the market but also to simplify complex financial processes. Asset-backed securities (ABS) are a case in point. Through tokenization, clear and tamper-proof records of ownership and transactions can be created, greatly simplifying the securitization process.
This transparency not only helps reduce risks but also significantly enhances market trust—a quality that traditional financial markets often struggle to achieve. This innovative approach not only simplifies trading processes but also makes it easier for more investors to participate, especially those who were previously excluded due to high barriers.
What Drives the Booming Development of RWA Tokenization?
Over the past few years, the continuous maturity of blockchain technology has undoubtedly been one of the key factors driving the development of RWA tokenization.
In summary, tokenization not only lowers the market entry barriers, allowing small investors to participate in areas that were once exclusive to institutional investors, but also builds a more complete and dynamic financial ecosystem by increasing market liquidity and resilience.
Commercial Real Estate and Consumer Finance Integration
Commercial real estate is an unpopular asset class within RWAs; consumer spending flow is an asset without tangible assets; entertainment traffic, though lively, does not constitute an asset. However, these can be combined to form an integrated model of consumer industry-finance.
Commercial real estate is a fixed asset, brand merchants represent operational cash flow assets, consumers are represented by loyalty points and consumption scenarios, cultural and entertainment traffic serves as traffic conversion, and producer-consumers' consumption data assets or content assets. When these combined assets form a complete consumer industry-finance ecosystem, they may become a high-quality RWA asset package.
This asset package model of consumer industry-finance solves the problem of securitizing consumer loyalty points. The only outlet for consumer loyalty points is to place them within the context of a larger RWA in the consumer industry-finance sector, as consumer loyalty points are essentially liability assets for businesses. Without liquidity, they gradually lose their appeal and value. Consumer-facing liability assets can be converted through RWA tokenization, transforming 2C liabilities into 2B cash flows for a Loyalty Operating SPV. Asset securitization is mostly a 2B corporate financing market, and financial products are difficult to target 2C consumers.
The Structure of Consumer Industry-Finance
Let's break down the structure of consumer industry-finance:
Operating Costs: Operational real estate fixed assets, lease relationships between property owners and merchants, and merchants' revenue guarantees property owners' real estate rental income, ideally sourced from on-chain Oracle mechanism data.
Marketing Costs: Advertising and traffic, where marketing traffic conversion determines consumption.
Consumption Entities: Consumers, whose consumption revenue is the core of merchants' income.
Consumption Scenarios: Goods consumption and loyalty points, often linking merchants and consumers through commercial real estate venues.
Loyalty Point Scenarios: Membership benefits and gift redemption, representing merchants'/brands' incentives and payable but unpaid liability assets to consumers.
Repurchase: Loyalty point incentives between merchants and consumers.
New Customer Referrals: Membership loyalty and loyalty point incentives, heads/traffic, involving merchants and consumers.
Production and Sales Data: Assetization of consumption data and dissemination data centered around consumption scenario tags, data assets that merchants and brand owners are willing to pay for, with design space for AI Agent smart proxies.
Traffic Marketing: IP digital marketing, similar to meme phenomena, crucial for converting consumption and IP narratives, potentially supported by derivative NFTs or meme tokens.
Economic Model of Consumer Industry-Finance
By dissecting the asset package structure, we can see that the core of the economic model of consumer industry-finance is "Prosumer," where consumption is production.
We observe that the operational real estate owners lease their properties to merchants, whose operations and cash flows stem from consumer spending scenarios. Consumers earn tokenized loyalty points (consumption mining), while traffic attraction and conversion are personalized customized consumption voucher NFTs designed by brands based on AI tags. Ultimately, incremental value comes from the tokenization of consumption data assets and traffic.
Here, real estate assets can be combined with merchants' operational cash flow assets, and integrated with consumer loyalty points, consumption data assets, and cultural entertainment traffic assetization: real estate as operational real estate, cash flow from consumption scenarios, loyalty points as liability assets, consumption and data from producer-consumers, consumption attraction through consumption voucher cards, and entertainment attraction through traffic assetization.
Stages of Big Consumption Industry Planning
If further extended, the big consumption industry requires planning in several stages:
First Layer: RWA underlying assets, encompassing fixed assets, current assets, liability assets, and supply chain financial assets centered around operational real estate.
Second Layer: Consumer industry space and scenarios, encompassing consumption and operational cash flow consumption, production, consumption incentives, etc., including production and sales data assets.
Third Layer: Industrial finance DeFi, compliant consumer industry-finance stablecoins, and upstream and downstream consumer payments via PayFI.
Fourth Layer: RWA consumer metaverse, integrating virtual and real spaces with operational real estate, creating meme spaces.
However, this planning is more suitable for entities like leading consumer retail industries and new retail IP traffic leaders. Policies such as consumption upgrades, loyalty points, and cultural tourism driving consumption generally need to be implemented in conjunction with consumer industry-finance. Whether it's fast-moving consumer goods retail, sports and entertainment, new concept brand experience spaces, or even the upgrade direction of WeChat business communities, they are essentially all consumer industry-finance RWAs.
The Core of Consumer Industry-Finance RWA
Consumer industry-finance RWA has a core focus on IP narratives. It upgrades consumption industry scenarios based on the main brand or spatial theme into an IP narrative with unique tone, plot, conflicts, and contrasts. Real estate is not just a venue; it can be designed as a cultural narrative with brand merchants, toned consumption scenarios, and individualistic consumers, forming a consumption entertainment metaverse or a large-scale interactive game metaverse.
RWA is not just asset tokenization; it is also the integration of real and virtual assets. The narrative upgrade of RWA, from a Web3.0 perspective, is a consumption metaverse combining the real and virtual worlds, incorporating meme scenarios, narratives, and marketing.
Last year, the tokenization of Real-World Assets (RWA) undoubtedly became the most compelling narrative in the cryptocurrency sphere.
Looking ahead, VanEck, a prominent player in the global investment community, predicts that the size of the RWA market could potentially exceed the $50 billion mark by the end of 2025. This forecast undoubtedly reveals the strong driving force behind this emerging trend.
Notably, the adoption and layout of tokenization by traditional financial institutions have become another key force driving its development. Financial giants such as JPMorgan Chase, UBS, BlackRock, Citibank, and Goldman Sachs are gradually shifting from theoretical exploration of blockchain technology to comprehensive and in-depth application practices. This transformation is profoundly changing the way various industries manage, trade, acquire, and utilize real-world assets.
Tokenized Government Bonds as an Example
The growth of tokenized government bonds in 2024 was explosive, soaring from 769millionatthebeginningoftheyeartoover2.2 billion by September.
Three years ago, the value of tokenized risk-weighted assets in the cryptocurrency industry was less than 2billion.However,byJanuary2025,thesizeofthismarkethadsurgedto16.82 billion.
A report released by Fidelity in January 2025 clearly stated that tokenization is poised to become the "killer app" of 2025. For emerging markets, tokenization undoubtedly brings unprecedented liquidity and opportunities, enabling both corporations and everyday investors to access markets that were once out of reach.
The Charm of Tokenization
The appeal of tokenization lies in its ability to not only bring unprecedented transparency to the market but also to simplify complex financial processes. Asset-backed securities (ABS) are a case in point. Through tokenization, clear and tamper-proof records of ownership and transactions can be created, greatly simplifying the securitization process.
This transparency not only helps reduce risks but also significantly enhances market trust—a quality that traditional financial markets often struggle to achieve. This innovative approach not only simplifies trading processes but also makes it easier for more investors to participate, especially those who were previously excluded due to high barriers.
What Drives the Booming Development of RWA Tokenization?
Over the past few years, the continuous maturity of blockchain technology has undoubtedly been one of the key factors driving the development of RWA tokenization.
In summary, tokenization not only lowers the market entry barriers, allowing small investors to participate in areas that were once exclusive to institutional investors, but also builds a more complete and dynamic financial ecosystem by increasing market liquidity and resilience.
Commercial Real Estate and Consumer Finance Integration
Commercial real estate is an unpopular asset class within RWAs; consumer spending flow is an asset without tangible assets; entertainment traffic, though lively, does not constitute an asset. However, these can be combined to form an integrated model of consumer industry-finance.
Commercial real estate is a fixed asset, brand merchants represent operational cash flow assets, consumers are represented by loyalty points and consumption scenarios, cultural and entertainment traffic serves as traffic conversion, and producer-consumers' consumption data assets or content assets. When these combined assets form a complete consumer industry-finance ecosystem, they may become a high-quality RWA asset package.
This asset package model of consumer industry-finance solves the problem of securitizing consumer loyalty points. The only outlet for consumer loyalty points is to place them within the context of a larger RWA in the consumer industry-finance sector, as consumer loyalty points are essentially liability assets for businesses. Without liquidity, they gradually lose their appeal and value. Consumer-facing liability assets can be converted through RWA tokenization, transforming 2C liabilities into 2B cash flows for a Loyalty Operating SPV. Asset securitization is mostly a 2B corporate financing market, and financial products are difficult to target 2C consumers.
The Structure of Consumer Industry-Finance
Let's break down the structure of consumer industry-finance:
Operating Costs: Operational real estate fixed assets, lease relationships between property owners and merchants, and merchants' revenue guarantees property owners' real estate rental income, ideally sourced from on-chain Oracle mechanism data.
Marketing Costs: Advertising and traffic, where marketing traffic conversion determines consumption.
Consumption Entities: Consumers, whose consumption revenue is the core of merchants' income.
Consumption Scenarios: Goods consumption and loyalty points, often linking merchants and consumers through commercial real estate venues.
Loyalty Point Scenarios: Membership benefits and gift redemption, representing merchants'/brands' incentives and payable but unpaid liability assets to consumers.
Repurchase: Loyalty point incentives between merchants and consumers.
New Customer Referrals: Membership loyalty and loyalty point incentives, heads/traffic, involving merchants and consumers.
Production and Sales Data: Assetization of consumption data and dissemination data centered around consumption scenario tags, data assets that merchants and brand owners are willing to pay for, with design space for AI Agent smart proxies.
Traffic Marketing: IP digital marketing, similar to meme phenomena, crucial for converting consumption and IP narratives, potentially supported by derivative NFTs or meme tokens.
Economic Model of Consumer Industry-Finance
By dissecting the asset package structure, we can see that the core of the economic model of consumer industry-finance is "Prosumer," where consumption is production.
We observe that the operational real estate owners lease their properties to merchants, whose operations and cash flows stem from consumer spending scenarios. Consumers earn tokenized loyalty points (consumption mining), while traffic attraction and conversion are personalized customized consumption voucher NFTs designed by brands based on AI tags. Ultimately, incremental value comes from the tokenization of consumption data assets and traffic.
Here, real estate assets can be combined with merchants' operational cash flow assets, and integrated with consumer loyalty points, consumption data assets, and cultural entertainment traffic assetization: real estate as operational real estate, cash flow from consumption scenarios, loyalty points as liability assets, consumption and data from producer-consumers, consumption attraction through consumption voucher cards, and entertainment attraction through traffic assetization.
Stages of Big Consumption Industry Planning
If further extended, the big consumption industry requires planning in several stages:
First Layer: RWA underlying assets, encompassing fixed assets, current assets, liability assets, and supply chain financial assets centered around operational real estate.
Second Layer: Consumer industry space and scenarios, encompassing consumption and operational cash flow consumption, production, consumption incentives, etc., including production and sales data assets.
Third Layer: Industrial finance DeFi, compliant consumer industry-finance stablecoins, and upstream and downstream consumer payments via PayFI.
Fourth Layer: RWA consumer metaverse, integrating virtual and real spaces with operational real estate, creating meme spaces.
However, this planning is more suitable for entities like leading consumer retail industries and new retail IP traffic leaders. Policies such as consumption upgrades, loyalty points, and cultural tourism driving consumption generally need to be implemented in conjunction with consumer industry-finance. Whether it's fast-moving consumer goods retail, sports and entertainment, new concept brand experience spaces, or even the upgrade direction of WeChat business communities, they are essentially all consumer industry-finance RWAs.
The Core of Consumer Industry-Finance RWA
Consumer industry-finance RWA has a core focus on IP narratives. It upgrades consumption industry scenarios based on the main brand or spatial theme into an IP narrative with unique tone, plot, conflicts, and contrasts. Real estate is not just a venue; it can be designed as a cultural narrative with brand merchants, toned consumption scenarios, and individualistic consumers, forming a consumption entertainment metaverse or a large-scale interactive game metaverse.
RWA is not just asset tokenization; it is also the integration of real and virtual assets. The narrative upgrade of RWA, from a Web3.0 perspective, is a consumption metaverse combining the real and virtual worlds, incorporating meme scenarios, narratives, and marketing.
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