Original | Odaily Planet Daily ( @OdailyChina )

By Wenser ( @wenser 2010 )

There's no doubt that RWA (Real World Assets) has become one of the biggest hotspots in the crypto market. According to RWA.xyz , the total global market capitalization of RWA assets (including stablecoins) has approached $320 billion, with over 400,000 on-chain holders and a monthly growth of 9.22%.

Meanwhile, a new concept called RWB is quietly emerging, gradually moving from the cryptosphere into the mainstream. What is RWB? How does it compare to RWA? Can it succeed RWA and become the next big industry trend? Odaily Planet Daily will explain each one.

RWB Introduction: Real World Business or Just Another Packaged Talk?

The full name of RWA is Real World Assets; while the full name of RWB has different interpretations.

The most widely accepted interpretation is "Real World Business," meaning the transformation of real-world operations (such as physical enterprises, supply chains, or service processes) through blockchain tokenization, allowing investors to hold "business equity tokens" and share in business profits or decision-making power. This extends RWA, moving from static assets to dynamic business models, supporting microfinance, community-driven initiatives, and decentralized governance.

Another term, Real World Blockchain, refers to the practical application of blockchain technology in real-world scenarios (such as supply chains, travel, or identity verification), emphasizing practicality and cross-industry integration rather than pure financial speculation. This term is often used in projects such as the Real World Blockchain Association (RWBA), which focuses on infrastructure support for RWA.

There is also a more niche explanation, which is Real World Behavior, which refers to the tokenization of users' "real-world behavior data" on the blockchain (such as behavior points or AI training data), especially for the application in travel scenarios, mainly combining blockchain technology with the sharing economy, the Internet of Things and intelligent transportation systems to optimize travel-related services.

In short, the above different explanations correspond to different modes:

• The first one can be understood as tokenizing actual business and processes on the blockchain, mainly for business financing;
• The second type is more of a technical solution, mainly serving the purpose of uploading information data onto the blockchain;
• The third type is similar to blockchain technology, which is assisted by the focus on quantifying behavioral data and integrating it with systems such as the sharing economy and the Internet of Things.

At present, the RWB concept is still in its early stages of development, and the crypto industry and traditional industries have not yet reached a consensus or a clear definition.

RWA is asset tokenization, RWB is business tokenization

Regarding the comparison between RWA and RWB, Coinstreet founder and CEO Samson Lee previously published a long article in April this year titled "Paradigm Innovation in the Financial Market: The Competitive and Cooperative Evolution of RWA and RWB - A Dual-Track Strategy under the Wave of Tokenization" to provide detailed explanations and comparisons. Although it did not receive much attention and large-scale discussion in the industry, its views are still of certain reference value.

At present, the value of RWB lies in the digitization of business operations, product sales, revenue streams, commercial contracts, intellectual property rights and customer rights on the blockchain, indirectly bypassing the supervision related to securities financing, providing new financing channels for small and medium-sized enterprises, and providing new investment targets for ordinary investors, thus lowering the investment threshold to a certain extent.

In addition, RWB further expands the scope of real-world business. Corporate intellectual property, operating income, and various business products can all be tokenized on the blockchain. From now on, not only the real-world assets involved in RWA can be quantified, digitized, and tokenized; virtual assets and rights such as future income, decision-making rights, and revenue dividends involved in RWB can also be transformed through blockchain technology, thereby achieving tokenization and digitization.

Take, for example, the emerging coffee chain BeanFi, mentioned in Samson's article. The company reportedly tokenized 10% of its revenue over the next five years and raised $20 million in funding in just three hours, with over 50,000 retail investors participating. (Note from Odaily Planet Daily: This information has not been confirmed by actual sources; another article stated the funding amount in this case was only $500,000. Based on current information, the project may have been aborted.)

It turns out that unlike RWA’s relatively mature narrative and business model with actual cases, RWB still has a long way to go before it can be truly implemented.

RWB has yet to gain mainstream attention, but Binance and Sequoia have already started betting

It is worth mentioning that when searching for information about RWB, the author accidentally discovered a project called Talex Chain . This project was selected for the 8th season of the Binance MVB Accelerator Program in October 2024 along with projects such as Four.meme, Meet 48, and Balance. According to the profile of the founder X's platform account, the project may also have received support from the well-known investment institution Sequoia.

MVB 8 List

Project founder Chari and his team have also written a series of articles on RWB's business model . They proposed a fiat-based token issuance model called PoP (Proof of Purchase), citing Binance founder CZ's views on "transaction mining" as support. They also stated , "There's nothing wrong with transaction mining. It's just a form of Proof of Purchase. However, blindly inflating token prices to attract more participants will only lead to ineffective pump-and-dumping, which will affect the team and users' judgment of the project. If they can ignore price collapses and focus on iterating on the product experience, and ultimately users are using it well and using normal transaction fees to repurchase tokens, then there's nothing wrong with that. It's very crypto-native. Building and sharing together."

It can be seen that the Talex project regards transaction mining as a major case of RWB issuance. Users contribute transaction fees to the platform through transaction interactions. The platform uses the transaction fee income to repurchase platform tokens, and users are rewarded through platform token incentives, thus realizing an "ecological closed loop."

However, it should be pointed out that this model is still highly dependent on the continuous inflow of external funds, which tests not only the platform's product optimization and user experience, but also whether the platform's token price can be maintained and whether the entire incentive system can operate stably.

In addition, it is quite interesting that the Talex platform is currently more like a creator economy platform that integrates short dramas, e-books, animation and other content. Whether it can subsequently attract more attention resources and capital liquidity through content remains an unknown.

Conclusion: RWB is more like a cornerstone for providing liquidity for real-world businesses

Regardless, while the RWB concept has yet to gain widespread attention and faces a host of risks, including regulatory compliance and asset management, it does offer a new approach to financing for small and medium-sized enterprises. Much like the gravel used to lay the foundation for a road, RWB may be the foundation for providing flexible funding to companies with real businesses in the real world, while participants receive corresponding emotional value, loyalty incentives, and financial rewards.

As to whether it can open up a new development path in the tokenization process of traditional financial asset chains, it remains to be seen.