FF Collaborates with HabitTrade: Jia Yueting's New Attempt at RWA

On July 22, FF announced a strategic partnership with the digital asset infrastructure platform HabitTrade. Jia Yueting once again showcased his "concept output" ability, proposing a vision of "EAI mobility + Web3 + blockchain + crypto + stablecoin," claiming to create a "value integration system" that connects "Web2 and Web3," "on-chain and off-chain," "reality and virtual."

FF's RWA Attempt: Pre-order Tokenization

RWA(Real World Asset) refers to the transfer of valuable assets from the real world to the blockchain for trading and circulation. For FF, the most likely assets to be used for RWA at present are its more than 10,000 pre-orders. Although these orders have not yet been delivered and do not constitute accounts receivable in a legal sense, they represent a potential "future cash flow".

Possible operations for FF include: packaging these pre-orders into a "future revenue rights asset pool", designing structured token products through partners, and selling them on the platform. Essentially, this is financing "the funds for car manufacturing" with the "commitment to sell cars".

Role of Partners

HabitTrade is a global multi-market brokerage focused on bridging on-chain and off-chain channels between US stocks, Hong Kong stocks, ETFs, and crypto assets. It is not only an entry point but also an execution platform, having assisted other companies in similar "equity + token" financing attempts.

The RWA Group focuses on structural design, cross-border legal issues, and technical compliance. It can assist FF in designing narrative structures, revenue models, token issuance, and on-chain peg solutions.

Analysis and Risks

In the short term, this model may have a certain market at the speculative level. The background of listed companies, pre-order assets, and airdrop expectations may stimulate a wave of market sentiment.

However, from the perspective of asset quality, the pre-orders provided by FF are essentially a trust-based commitment rather than truly quantifiable or redeemable assets. This is more like "the tokenization of vision and belief" rather than genuine RWA.

In addition, as a Nasdaq-listed company, FF faces regulatory pressure from the SEC. Currently, FF is under SEC review due to early financial disclosure issues, and in this context, engaging in tokenized financing may increase compliance risks.

Conclusion

Jia Yueting's attempt can be seen as a "faith relay" from traditional financial markets to Web3. He is trying to tokenize the future of mass production of automobiles, transforming user prepayments into circulating assets in the hands of investors. However, the essence of RWA is to connect off-chain assets with on-chain trust. If the off-chain assets themselves are questionable, the sustainability of this model is open to discussion.

Whether successful or not, this attempt reflects Jia Yueting's further exploration in the art of "how to tell a monetizable future." It may buy FF more time to attract capital for survival, or it may trigger new regulatory scrutiny. But there is no doubt that it has once again earned Jia Yueting attention, traffic, and a group of supporters willing to bet on him again.