fundraising-project-date

Original | Odaily Daily Report (@OdailyChina) Author | Ethan (@ethanzhang\_web3)  RWA sector market performance According to the latest data from RWA.xyz, as of July 22, 2025, the total on-chain value of RWA is $25.49 billion, a slight decrease of $0.02 billion compared to $25.51 billion on July 15, with a weekly decline of 0.08%.

1. Introduction On November 25, 2024, the Shanghai Malu Grape Asset On-Chain Project made a high-profile debut as the "first case of RWA (Real World Asset Tokenization) in Chinese agriculture." The project claims to achieve "data assetization of vineyards" through blockchain technology and simultaneously completes 10 million yuan in equity financing and 200,000 yuan in NFT financing at the Shanghai Data Exchange. The official narrative positions it as a benchmark for "technology empowering physical agriculture," sparking widespread industry discussion on the localization path of RWA. However, peeling away the superficial halo, the essence of this project is far from a true RWA innovation. The so-called "tokenization" is essentially a traditional financing reconstruction with NFT digital collectibles as a compliant shell and SPV equity structure as the core—yield rights tokens are emasculated, governance rights still belong to centralized entities, and consumer NFTs only serve as a pre-sale card function. This is born under high regulatory pressure.

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"The financing entity has shifted from enterprises to high-quality assets," summarized Zhao Wenbiao, CEO of Ant Group's Digital Technology. He likened this innovation to a "mini-IPO," yet it has completely changed the rules of the traditional financing game. Longxin Technology uses over 9,000 new energy charging piles as anchor assets to issue RWA and easily finance 100 million; a vineyard in Jiading, Shanghai has been fully linked on the blockchain from planting to harvesting and successfully issued 10 million RWA Tokens, which were subscribed by international capital. These cases are redefining the way we understand asset liquidity. Disassembling RWA, a new wave of on-chain assets RWA essentially refers to the digital migration of asset rights. It involves tangible or intangible assets from the real world—real estate, commodities, bonds, art.

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