Why is NNA more important than RWA? Only "on-chain native assets" can give value to encryption.

As the crypto market matures, encryption applications and assets designed with the end consumer at the core, (Consumer Crypto), are rapidly becoming a new wave of retail investor investment. Among them, on-chain native assets (NNA) do not rely on TradFi infrastructure, creating new market spaces and asset forms, attracting users to engage in it. This article will delve into the concept, potential, and three representative applications that reshape retail investor investment models.

What is NNA? Definition and Value Basis Analysis

NNA ( Net New Assets ), which refers to on-chain native assets ( net new assets ), are a brand new type of asset that could not exist at all before the emergence of blockchain technology. These assets not only do not rely on TradFi structures but are completely built on encryption infrastructure, such as L1 and L2, smart contracts, and liquidity protocols.

Typical examples of NNA include meme coins, social token (Social Tokens), prediction market contracts, and innovative applications such as real estate derivatives. They not only break the traditional asset classification, but also allow retail investors to participate in high-risk, high-return asset investment with low threshold and high efficiency.

Why is NNA the next breakthrough? Four key advantages reveal future potential.

Blockworks Research analyst Ryan Connor pointed out that NNA has stronger growth momentum compared to RWA ( real assets ), with core advantages including:

Blue ocean market potential: Currently still in the early development stage, with less competition and significant room for innovation.

High profit margin model: The business model targeting the retail investor market has a large profit margin and fast turnover.

Rapid revenue realization: Direct access to end users without relying on institutional sales channels.

Social and network effects enhancement: combining community dynamics and token economics to quickly form a loyal user base and solid barriers.

These features make NNA the preferred battleground for encryption-native entrepreneurs, while also bringing more flexible investment options to the retail investor market.

The three major NNA applications lead the new encryption business model.

Ryan also named three well-known NNA applications, which will be introduced separately below.

Pump.fun: The trading playground of the meme coin universe

Known as the crypto "arena (PvP)", Pump.fun is one of the applications that best fits the NNA concept. Users can instantly issue and trade meme coins, and realize price fluctuations and profit opportunities through the Bonding Curve mechanism:

We believe that this trench-like market is a long-term and increasingly normalized phenomenon, and platforms like Pump not only lower the barriers to participation but also enhance the enjoyment of achieving profits in a short time, which may represent the next frontier for retail investors.

(Pump.fun creator revenue sharing plan raises controversy over "facilitating fraud": Discussing the importance of value returning to the community)

Dune data shows that since the launch of the platform, more than 10.66 million tokens have been issued, with a cumulative trading volume exceeding 60 billion USD, cumulative revenue exceeding 712 million USD, and it has consecutively ranked first in on-chain revenue for 13 months.

Ryan predicted, "We believe it has the potential to surpass traditional gambling platforms like Draftkings in terms of revenue scale."

Believe: Allowing every user to participate in the angel round.

Believe focuses on micro-token issuance, and based on the concept of "on-chain capital market (ICM)", allows developers to raise small amounts of funds by "posting a message", while users can safely participate in these early projects and enjoy similar reward opportunities as VC investments.

Chain News previously introduced that ICM is a decentralized, permissionless, instant, and global financing market that allows creators, developers, and project initiators to issue tokens directly through community influence. It has characteristics such as low startup thresholds, instant capital liquidity, and internet-native (.

This application has completely lowered the fundraising threshold for entrepreneurs, allowing retail investors to participate in potential unicorn projects in the future with minimal cost.

)From the rise of Believe, we see the opportunities and risks in the online capital market: Can ICM lead the next bull market? (

Time.fun: A new way to combine social tokens with identity and status.

Focusing on exploring social tokens, Time.fun, which is also a specific product of NNA, centers around a concept: "Your time can be tokenized, your market value can be flaunted, and it can even become a new generation of 'social capital'."

The platform operates in such a way that creators can convert their time into tokens, and fans can purchase these tokens to gain access to services such as private messages, group chats, voice, or video calls. At this point, the 'time' that creators invest in fans becomes the intrinsic value standard of social tokens:

Time.fun is not just an application, but a concrete realization of the "identity economy" in the crypto world, which may become a standard for crypto social interactions in the future.

From Bubble to Evolution: Is NNA the Next Step in Encryption?

NNA is changing our definition of assets and restructuring the way retail investors participate in financial markets. From the meme coin gamified trading of Pump.fun, to the on-chain fundraising experiment of Believe, and the tokenized economy of time identity at Time.fun, all of this shows that:

Consumer encryption is preparing to break free from the gravitational pull of past speculative bubbles at an unprecedented speed, moving towards the next evolutionary stage driven by "creativity, community, and native economy." NNA may very well be the fuel for this evolution.

Why is NNA more important than RWA in this article? Only "on-chain native assets" can give value to encryption, which first appeared in Chain News ABMedia.