A deep dive into Jia Yueting’s entry into RWA: Who is the new director behind the old actor?

Real World Asset (RWA) sounds like a high-end term, a but actually talks about the most basic thing: moving valuable off-chain assets onto the chain for trading and circulation. In, the project parties must bring out something truly valuable in the real world - - it can estate,, debt rights, accounts receivable, gold, artwork, but must meet two prerequisites: legal ownership and a clear revenue path.

So the question is: What assets does FF plan to use to tell the RWA story?

Is it the Hanford factory? It has not achieved full production for many years, and the outside world even doubwhether the water and electricity have even been installed; Is it FF 91? With few deliveries and shocking per-vehicle losses; Or those "cars" that are announced year after year, postponed after and now the Official Twitter doesn't even dare to write the delivery time?

In other words,,, if Jia Yueting really wants to do RWA, his most realistic plan is: package these over 10,000 pre-orders into a "future revenue rights asset pool", then have RWA Group design a structured token product, and sell it externally through the HabitTrade platform.

On the surface, this is called "futureizationization but essentially, is using the "promise to sell cars" to financing raise money for "building cars". Logically, it forms a closed loop;; emotionally, it also makes sense: Believe in me, give me money when I mass-produce, I return you the revenue.

This sounds very much like Jia Yueting, and very Web3.

(The subsequent analysis of this this model is based on the assumption that "FF will put pre-orders on the".chain".)

Who is the real director? What are HabitTrade and RWA Group really after?

Listed company + pre-orders + airdrop expectations, these three moves are enough to activate short-term market sentiment.

Therefore, from a speculative perspective, this has the potential to work - not based on the product, but on "FOMO + emotion + narrative".

Dig deeper and you'll find that the so-called underlying assets provided by FF - 10,000 pre-orders - are actually assets without legal protection, without legal enforceability, and without the ability to confirm revenue realization. Simply put, it's not a calculable, cashable account receivable, but a "promise based on trust". What you're buying is not the cash flow of the order, but Jia Yueting's credit, FF's car-making ability, and the collective imagination of "delivery next week".

This is not "tokenization of real-world assets", but "tokenization of vision and faith". If we allow such operations to expand indefinitely, RWA will no longer be a bridge to traditional assets, but become a packaging machine for narratives and hype. Once participants are not investing in assets but "investing in others' efforts", this game will approach the critical point of a Ponzi scheme.

Don't forget, FF is a publicly listed company on NASDAQ. This means that no matter what new story is told on the chain, it cannot avoid the scrutiny of the traditional financial regulatory system.

Currently, FF is under SEC review due to early financial disclosure issues, and the US Securities and Exchange Commission has sent warning letters to Jia Yueting and CEO Wang Jiawei, potentially initiating enforcement procedures. And during this ongoing investigation, FF has boldly announced a Web3 collaboration with HabitTrade and involvement in tokenized financing, which undoubtedly increases the compliance sensitivity of the entire project. (Recommended details: 'Jia Yueting, who just raised 700 million, is about to be "caught" again?' (https://36kr.com/p/3388291020194176))

Although FF has not yet clearly launched any Token or token sales plan, if in the future it involves monetizing "pre-orders" and raising funds targeting US citizens, it may touch the SEC's regulatory red line of "unregistered securities issuance".

This is not edge innovation, but attempting to walk a tightrope at the intersection of traditional and crypto finance with a listed company identity.

Short-term it might work, working through speculation. Mid-term it might encounter issues, due to regulation. Long-term success depends on the most heartbreaking question: Can FF actually deliver the cars?

If not, this financial innovation on the chain is ultimately just an old dream packaged with Token.

Epilogue: Is this the future of RWA, or Jia Yueting's old path?

The end of financial innovation is not liquidity, but trust. And Jia Yueting's FF is precisely the most contradictory existence on this path: he extremely understands narrative, yet always stumbles in delivery; he always stands at the capital trend, yet always fails to fulfill the delivery promise behind the trend.

This time, he attempts to revive a "faith relay" from NASDAQ to Web3 under the name of RWA: turning the future of car mass production into a token; transforming users' prepaid money into tradable assets for investors; wrapping a high-risk, uncertain, narrative-dependent business model with the shell of on-chain finance - continuing to tell stories.

But RWA is not a refuge in the crypto world, it's a bridge of "off-chain assets + on-chain trust". Once one side of the bridge is a hazy PPT, and the other side is a Token to be realized, this bridge won't go far and can't bear weight.

Ultimately, this is neither a victory for RWA nor Web3, but another attempt by Jia Yueting in the art of "how to tell a monetizable future". He might succeed, letting FFAI's stock price live another round, buying himself a few more months of capital survival; he might fail, letting the SEC strike another heavy blow, turning the interface of Web3 and TradFi into a new regulatory testing ground. But no matter the result, he wins the part he's best at: attention, traffic, and a group of believers willing to bet on him one more time.

For Jia Yueting, this is still his most familiar script, just on a different stage.