FF Play with RWA: Jia Yueting's New Script for Web3

On July 22, Faraday Future (FF) announced a strategic partnership with a certain digital asset infrastructure platform. Jia Yueting once again showcased his "concept output" ability, throwing out a series of concepts such as "EAI mobility + Web3 + blockchain + crypto + stablecoin" and stated that he aims to create a "value fusion body" that connects "Web2 and Web3", "on-chain and off-chain", and "reality and virtual". This statement has a strong flair of the PPT startup guru.

The RWA Journey of FF: Can Pre-Orders Become the Breakthrough?

RWA (Real World Asset) refers to the transfer of valuable off-chain assets to the blockchain for trading and circulation. This requires the project party to provide assets of value in the real world, such as real estate, debts, accounts receivable, etc., and these assets must have clear legal ownership and revenue pathways.

So, what assets does FF plan to use to tell the story of RWA?

Currently, it seems that the only asset of FF that might be "on-chain" is the 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," which falls under "contingent assets" in the context of traditional finance.

If Jia Yueting really wants to conduct the RWA experiment, the most feasible solution might be: to package these more than 10,000 pre-orders into a "future income rights asset pool", then design a structured token product and sell it externally through a cooperative platform.

This approach essentially uses the "promise of selling cars" to finance the "funding for car manufacturing." Logically, it seems valid and can resonate emotionally: Trust me, give me the funds; once I start mass production, I will return your profits.

This approach indeed aligns well with Jia Yueting's style and is very Web3.

Behind the Scenes: The Role and Motivation of Collaborators

If the pre-order is the script of this RWA drama, then the collaborating digital asset platforms and the RWA Group are the true "directors" and "set designers". Understanding their roles and expertise helps us comprehend how this play is designed.

Digital Asset Platform: The "Shuttle Bus" of the Stablecoin World

This collaborative platform is a "global multi-market broker" registered in the Cayman Islands, characterized by using stablecoins such as USDT as deposit channels, creating an on-chain and off-chain connection between US stocks, Hong Kong stocks, ETFs, and crypto assets.

In simple terms, users can purchase Hong Kong stocks with USDT and also convert their US stock earnings into on-chain assets. For users seeking flexibility and with lower compliance requirements, this bridging service of "off-chain assets × stablecoin liquidity" is exactly what they need.

More importantly, this platform is not only an entry point but also an "execution platform". It has assisted other companies in attempts at "equity + token" fusion financing, and its model is very similar to FF's approach to the pre-order tokenization this time — the underlying assets remain unchanged, only the financial packaging has changed, attracting a group of crypto investors willing to invest with USDT.

Therefore, Jia Yueting's choice to collaborate with this platform is not coincidental, but rather a reflection of emulating the successful experiences of predecessors.

RWA Group: The Transformation from NFT to Structured Finance

Another partner, RWA Group, was formerly known as NFT China, which gained wide attention during the NFT bull market in 2021. Now, it has transformed into "RWA tokenization experts."

This transformation seems hasty, but in fact it is precise: their goal is not to create assets, but to become "packagers of assets." RWA Group excels in structural design, cross-border legalities, and technology compliance. In short, they help clients "build stories" and ensure compliance. They do not need to worry about whether FF can actually mass-produce cars; they only need FF to provide a "predictable future cash flow" model, and the remaining tasks such as structural layering, revenue modeling, token issuance, and on-chain linkage can all be handled by them.

At this point, the layout of this play has become clear: FF provides the story material (pre-orders); RWA Group is responsible for designing the narrative structure and distribution model; the collaborating digital asset platform provides trading channels and USDT buyers. This indicates that this is not a spontaneous "on-chain experiment" by FF, but a carefully planned financial narrative project.

Its core is not dreams, nor the idealism of manufacturing, but rather a precise structural arbitrage logic.

FF's RWA Experiment: Opportunities and Challenges Coexisting

When we delve into the analysis of this RWA model, it indeed forms a logical closed loop on the surface: Jia Yueting exchanges "promises of selling cars in the future" for current USDT financing, and promises to return investors in the future in the form of "revenue rights tokens." For the crypto community, this model is not unfamiliar, and it can even be said to be commonplace. To summarize it in industry terms: "Futurism + Tokenization + Liquidity = Short-term Narrative Premium."

So, is this model feasible? We will analyze it from three perspectives:

1. The short-term structure is feasible, driven by speculative narratives.

As long as the pre-order is genuine and has payment records, it can be packaged into a "Future Cash Flow Asset Pool", and then token mappings can be created based on the "Expected Income Rights" ratio, which are issued on-chain to investors. The cooperating digital asset platform has a complete stablecoin exchange system, making it easy to list and trade USDT pairs, and even add liquidity mining incentives to quickly attract early market participants.

The background of listed companies, pre-order assets, and airdrop expectations are three factors sufficient to trigger a wave of short-term market enthusiasm.

Therefore, from a speculative perspective, this plan has the potential to succeed—not due to the product itself, but rather because of the combination effect of "FOMO + emotion + narrative."

2. The underlying assets are questionable, more like "emotional crowdfunding" rather than true RWA.

A deep analysis will reveal that the so-called underlying assets provided by FF—10,000 pre-orders—actually lack legal protection, cannot be enforced, and cannot ensure the ability to realize profits. In short, it is not a receivable that can be valued or redeemed, but rather a "trust-based commitment." What investors are purchasing is not the cash flow of the orders, but the trust in Jia Yueting, FF's car manufacturing capability, and the collective imagination of the market about the "forthcoming delivery."

This is not about putting "real-world assets" on the blockchain, but rather about the "tokenization of vision and belief." If this operation expands infinitely, RWA may no longer be a bridge to traditional assets, but instead become a packaging tool for narratives and speculation. Once participants are not investing in actual assets, but are instead "investing in the efforts of others," this game could edge towards a Ponzi scheme.

3. Regulatory risks cannot be ignored.

It is worth noting that FF is a publicly traded company listed on NASDAQ. This means that no matter what new attempts are made on-chain, they cannot avoid the scrutiny of the traditional financial regulatory system.

Currently, FF is under investigation by the SEC due to early financial disclosure issues. The U.S. Securities and Exchange Commission has issued a warning letter to Jia Yueting and the CEO, potentially initiating enforcement proceedings. Amid this ongoing investigation, FF has boldly announced its involvement in Web3 collaborations and tokenized financing, undoubtedly increasing the compliance sensitivity of the entire project.

Although FF has not yet clearly launched any tokens or sales plans, once it involves monetizing "pre-orders" and fundraising from U.S. citizens in the future, it may touch the SEC's regulatory red line on "unregistered securities offerings."

This is not just an edge innovation, but a high-risk attempt at the intersection of traditional finance and crypto finance, conducted under the identity of a publicly listed company.

Conclusion: The Future of RWA, or the Old Path of Jia Yueting?

The ultimate goal of financial innovation is not liquidity, but trust. And FF is precisely the most contradictory existence on this path: Jia Yueting is good at telling stories, but always struggles to deliver; he can always stand at the capital windfall, yet finds it difficult to fulfill the delivery promises behind the windfall.

This time, he attempted to stage a "faith relay" from Nasdaq to Web3 in the name of RWA: transforming the future of mass-produced cars into tokens; turning user prepayments into circulating assets in the hands of investors; and wrapping high-risk, uncertain, narrative-dependent business models in the guise of on-chain finance—continuing to tell his story.

However, RWA is not a safe haven in the crypto world, but a bridge connecting "off-chain assets and on-chain trust." If this side of the bridge is a vague PPT and that side is tokens that need to be redeemed, then this bridge is destined to be short-lived and unable to withstand heavy pressure.

Ultimately, this is neither a victory for RWA nor for Web3, but rather another attempt by Jia Yueting in the art of "how to tell a monetizable future." He may succeed, causing FF AI's stock price to rise again, winning himself a few months of capital lifeline; he may also fail, leading the SEC to strike hard again, turning the interface between Web3 and traditional finance into a new regulatory testing ground. But regardless of the outcome, he has won the part he is best at: attention, traffic, and a group of believers willing to bet on him once more.

For Jia Yueting, this is still the script he is most familiar with, just with a different stage.