Hainan Huatie's Web3 Attempt: Innovation or Risk?

Recently, Hainan Huatie has sparked heated discussions in the digital collectibles circle and A-share community due to its Web3-related activities. The "Wasp Brother NFT" launched by the company saw a rapid price surge in a short period, while it also announced the completion of the first batch of 10 million yuan in non-financial RWA (real-world assets) product issuance. These moves are seen by some as a signal of a listed company's foray into Web3, as well as a new model combining on-chain assets with equity dividends.

However, from a professional perspective, the actions of Hainan Huatie are actually walking in the gray area of law and regulation, which may pose potential risks.

An Analysis of Hainan Huatie's Web3 Attempts

"Hornet Brother" NFT project

This NFT project is not just a simple digital collectible; it is also tied to a "brand promotion revenue" right for three consecutive years. According to the company's rules, users can activate and lock the NFT through a designated mini-program within a specific time frame to become a "brand promotion ambassador" and receive cash benefits equivalent to the dividend amount of 50,000 shares of company stock each year from 2025 to 2027.

The key features of this model include:

• The returns are linked to the company's stock dividends.
• Requires annual reactivation to maintain eligibility
• The company reserves the right to interpret and disqualify.
• Users making statements that "damage brand image" may result in disqualification.

RWA (Real World Assets) project

The company claims to have completed the issuance of the first batch of 10 million yuan non-financial RWA products. This product digitally maps the "usage rights + operational rights" of the company's equipment, forming a structure similar to a "digital membership card," allowing users to circulate through on-chain transfers, consignment, and other means, while enjoying certain usage rights or benefits.

Main features of the RWA project:

• Digitalization of usage rights, not asset splitting or securitization
• Does not involve transfer of ownership, avoiding securities regulation
• Assets are registered on the chain, but the realization of rights still relies on offline processes.
• Adopting a hybrid model of "device leasing + Web3 rights card"

Potential Risk Analysis

Although Hainan Huatie's approach seems innovative, there are actually several potential risks:

1. The equity structure is unclear, making it difficult for users to protect their rights:

   • The payment of returns completely relies on the company's will.
   • Lack of real legal contracts or smart contract support
   • Users cannot effectively appeal when their rights are infringed.

2. The combination of speech control and profit incentives may infringe on community autonomy:

   • The company may revoke its entitlement eligibility due to user statements.
   • Violating the principle of freedom and autonomy in Web3
   • It may evolve into a corporate public relations tool rather than a true ecosystem construction.

3. RWA Structure Blurs Financial Product Boundaries:

   • Close to "financial-like products"
   • After scaling up, it may be regarded as "disguised issuance of financial products"
   • There is a risk of crossing the boundary of illegal public deposit absorption.

Suggestions for Users and Entrepreneurs

For ordinary users:

• Recognize that the purchased NFT does not equate to a property right or equity certificate.
• Understand that returns may become invalid due to various factors.
• Rights lack statutory guarantees and judicial enforceability

For Web3 entrepreneurs:

• This case should not be regarded as an industry benchmark.
• When developing RWA, compliance, contracts, and governance must be taken into account.
• NFT design should avoid substituting contracts, shares, and statutory rights.

Conclusion

While Hainan Huatie's attempts have garnered attention, their approach carries legal and regulatory risks. Real Web3 innovation should be based on legality, transparency, and sustainability, rather than merely wrapping old logic in new concepts. Testing the boundaries of regulation should not be mistaken for institutional breakthroughs; innovators must act cautiously to avoid potential risks.