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FF Turns to Web3: Jia Yueting's New Chapter or Asset Trapping?
FF Turns to Web3 Ecosystem: Is Jia Yueting's New Chapter or Old Routine?
In mid-July, when Jia Yueting showcased FF's latest electric vehicle FX Super One in Los Angeles, he may have already been plotting his next move. Shortly after, FF announced a partnership with a digital asset infrastructure platform, unveiling a series of dazzling concepts, including EAI mobility, Web3, blockchain, cryptocurrency, and stablecoins, claiming to create a "value fusion body" that spans multiple fields.
This move has raised doubts about whether FF can truly achieve "asset on-chain". Given the company's current situation, the assets that FF can put on-chain seem to be limited to those unfulfilled pre-orders. Although these orders do not constitute accounts receivable in a legal sense, they represent a potential future cash flow that can be packaged as a "contingent asset".
If FF really wants to promote this plan, the most likely solution is to bundle these pre-orders into a "future revenue rights asset pool", design token products through partners, and sell them externally. Essentially, this is financing "the money for making cars" with the "promise of selling cars", logically forming a closed loop.
However, this operation carries potential risks. First, the pre-order is not a truly legally protected asset, but rather a commitment based on trust. Second, as a listed company, FF faces regulatory pressure from the SEC, and any action involving tokenized financing could increase compliance risks.
In the short term, this approach may spark a wave of market speculation. However, in the long run, its success will still depend on whether FF can truly deliver vehicles. If the promises cannot be fulfilled, this on-chain financial innovation may ultimately degenerate into an old dream wrapped in tokens.
Jia Yueting's actions once again showcase his talent in narrating the "monetizable future." Regardless of the outcome, he has garnered attention, traffic, and a group of supporters willing to bet on him again. For Jia Yueting, this may just be a change of stage, performing his most familiar script.