On October 21, 2025, the "MIRROR 2025 Film and Television Culture Industry and Recycled Appliances (RWA) Cross-Border Integration High-End Forum," co-hosted by Mirror.fan and Ganxing Financial Private Board, kicked off at the Lumichang New Audiovisual Industrial Park in Dongcheng District, Beijing. Golden Finance was honored to have an exclusive interview with Wang Hui, Founder of Datang Huihuang Media Co., Ltd. and Vice President of the China Television Drama Production Industry Association. Investors are very optimistic about RWAs in the entertainment industry, while practitioners are moderately receptive. Users' perceptions and acceptance vary the most. The biggest opportunities in integrating entertainment and RWAs lie in "liquidity release" and "value democratization." The value of RWAs in the entertainment industry can be assessed from four perspectives: asset value, legal and compliance, ecosystem expansion, and economic model.
The details are summarized as follows:
1. What is the current market acceptance of entertainment RWAs? What are the differences in perceptions among investors, practitioners, and users? How can cognitive barriers be mitigated?
Currently, entertainment assets are entering the market in the form of RWAs (Real World Assets): Overall, there is curiosity and anticipation, but a wait-and-see attitude remains.
Investors are very optimistic, viewing entertainment RWAs as a DeFi gateway offering "high returns and low barriers to entry." They are most concerned about compliance, scalability, and exit mechanisms.
Practitioners are moderately receptive, with expectations of monetizing IP or content assets through the RWA model. However, their understanding of underlying blockchain technology, token economics, and legal compliance is generally limited.
Users exhibit the greatest disparity in perception and acceptance. Web2 users are accustomed to fan culture and content consumption, but lack trust in blockchain and token models and are concerned about project risks. Web3 users, on the other hand, are more focused on speculative returns than the inherent value of the culture or content. Therefore, to reduce cognitive barriers, we recommend that practitioners: establish industry benchmarks; simplify the user experience; and strengthen industry education. 2. What are the biggest opportunities for the integration of entertainment and RWA? What are the biggest obstacles? The biggest opportunities lie in "liquidity release" and "value democratization." The core of the entertainment industry is IP, and traditional IP is a high-value but illiquid asset. The RWA model standardizes, fragments, and circulates these "non-standard assets" in the market. Users vote with their feet, paying for value, and returning pricing power from a few hands to the market. Undoubtedly, the biggest obstacles are the dual challenges of "compliance" and "asset valuation." On the one hand, entertainment RWAs have strong financial attributes, and it remains unclear in which jurisdiction they are classified as securities, how they are legally issued, and how they are exited. On the other hand, the technical barriers are high: on-chain valuation models are not yet mature, and asset pricing, secondary liquidity mechanisms, and long-term income rights tracking mechanisms all need to be improved.
3. From which dimensions do you think the value of a RWA for entertainment assets should be evaluated?
I recommend evaluating it from at least the following four dimensions:
Asset Value: Does the IP asset itself possess core appeal and sustainable returns?
Legal and Compliance: From the confirmation of ownership on the blockchain to whether secondary trading is permitted, are the capital gains rights clear and legal?
Ecosystem Expansion: Are there institutions/practitioners/users involved in building the asset ecosystem? For example, user communities, fan operations, secondary products, and derivatives?
Economic Model: How does the RWA effectively capture the asset's value? Is it simply a "dividend distribution" approach, or does it also provide empowerment (emotional, community, or value-added)?
Such a multi-dimensional framework can help project owners and investors more systematically determine whether an entertainment RWA is both "investable" and "operable." 4. This forum aims to establish a foundation for multilateral collaboration and develop industry standards for RWAs in China's entertainment industry. What evaluation factors do you believe should be included in these standards? Promoting industry standards for RWAs in China is crucial. Referring to the China Academy of Communications Technology's 2023 "Technical Specifications for Trusted Blockchain Physical Assets" and the ICSCCS's 205 "RWA Project Evaluation Standards," I suggest that these standards focus on "compliance, innovation, and sustainability." Core evaluation factors include:
Compliance and Access Factors: Clarifying pre-conditions for asset issuance, investor eligibility, regional/industry restrictions, and transfer restrictions;
Valuation and Audit Factors: Standardized valuation models, regular audit reports, cash flow forecasts, and disclosure mechanisms;
Technology and Security Factors: On-chain identity/KYC, contract security, blacklist/whitelist mechanisms, and data traceability;
Investor Protection Factors: Information disclosure, exit mechanisms, risk disclosure, and fallback/redemption mechanisms.
If the standard can achieve "unified terminology + operational processes + regulator-friendly interfaces," it will significantly lower the industry's entry barriers while boosting the confidence of users, investors, and practitioners.
5. Are there any current examples of RWAs in the entertainment industry? What new approaches do you envision for entertainment RWAs in the future? Are there any corresponding plans? Internationally, there have been some notable attempts, such as by major US companies like Nike/.SW00SH and Coachella, as well as projects like Royal.io (a music copyright profit-sharing platform) and CyberPictures (a film and television RWA financing platform). In China, due to regulatory constraints, truly tradable and profit-sharing entertainment RWAs are still very rare. In the past two years, the "NFT craze has explored more the "collection value + marketing value" of IP rather than the deep binding of "real income rights". At present, China is mainly experimenting in peripheral fields such as copyright certification and income rights crowdfunding.
Some new ways of playing will emerge in the field of entertainment RWA in the future:
Dynamic RWA (Dynamic RWA): the equity and dividend ratio will be adjusted in real time with the box office popularity, social data, etc.;
RWA+DeFi combination: entertainment RWA is used as a new type of collateral: holders can pledge their movie income rights RWA and borrow stablecoins in the DeFi protocol to realize asset reuse;
"Participatory" RWA (Participatory RWA): RWA not only represents "income rights", but also "decision-making rights" - for example, the holder can participate in the selection of script direction, actor selection, and whether to shoot a sequel.
IP incubator model: In the very early stage of IP creation, through the RWA model community fundraising, we can discover creators or themes that are ignored by traditional giants and realize the growth of innovative content.
We are paying close attention to the relevant layout direction, and have been promoting the "short drama + tokenized tickets + fan co-creation" module internally, and exploring the "income rights + collection rights + secondary circulation" three-track parallel structure, striving to be the first to implement it in the Chinese market. We are committed to developing an operational, compliant and secure entertainment RWA product.
We adhere to the principle of "function first, compliance-based and experience-driven". The team has completed several small-scale pilots, covering key links such as rights definition, clearing and settlement processes, risk control and audit interfaces, and repeatedly calibrated usability and reliability in real scenarios. We are connecting several modules into a replicable model project. The interim results are positive, and important milestones will be disclosed to the public in due course. We are looking forward to more progress to be released, and we also welcome industry colleagues to participate in the joint construction of standards and models.
6. What suggestions do you have for latecomers who want to join the game?
Value first: RWA is just a tool, not an end. Entrants should first ask: Is this entertainment asset truly valuable? Does RWA truly solve the pain points that traditional models struggle to address (such as liquidity and financing efficiency)? If an IP is inherently a weak asset, RWA will not revive it; instead, it may accelerate its value to zero.
Compliance-based: Especially in the Chinese market, attempts to circumvent regulations or skirt regulations should not be made. RWA The essence of RWA is finance, and the core of finance is risk management and compliance. Legal structures, taxation, and investor protection mechanisms must be carefully designed before considering the business model.
Ecosystem Collaboration: We recommend collaborating with large companies with brand influence, content supply capabilities, or ticketing channels to avoid the "empty token" model. Instead, leverage high-quality content, operations, and token mechanisms.
Long-term thinking: The entertainment RWA market isn't a "quick buck" market. Its explosive growth requires the gradual clarification of regulations, the maturation of technology, the widespread adoption of market education, and the emergence of benchmark projects. Entrants must possess patience, strategic vision, and deep industry expertise.
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