4. Which new asset classes have opportunities? Based on the above logic, I think the biggest opportunities for RWA are in some emerging, non-standardized asset classes. For example, the recently popular LABUBU dolls, rare models in the second-hand market can be sold for several times the original price, but it is difficult for ordinary people to buy them. If LABUBU is made into RWA, everyone can buy a small portion, and it can be traded 24 hours a day, which is very interesting. Another example is a star card. A Kobe rookie card may be worth millions of dollars, but if it is made into RWA, everyone can buy a little bit, and the liquidity will be completely different. These are all new asset classes for the future. There is no standardized trading method in the traditional financial system, but there is real demand and value. 5. Who is most likely to be the winner? As participants in the crypto market, we are definitely optimistic about this industry. But what kind of companies are most likely to benefit? I think it is those asset issuance platforms that are large enough. Only platforms that are large enough and willing to embrace change can truly benefit. I personally have a small guess: if Ant Financial or Xianyu is willing to try this direction, it may be very interesting. They have a huge user base, both buyers and sellers. There are also platforms such as Xiaohongshu and Dewu that have great potential. The users on these platforms are already interested in new and unique assets, and the platforms are also willing to try new categories. This may be the beginning of real RWA.