Wang Hui of Datang Huiguang: The opportunity for the integration of cultural entertainment and RWA lies in the release of liquidity.

On October 21, 2025, the “MIRROR 2025 High-end Forum on the Integration of Film and Television Culture Industry and RWA” co-hosted by Mirror.fan and Qianxing Financial Private Board of Directors kicked off at the Luming Warehouse New Audiovisual Industry Park in Dongcheng District, Beijing.

Golden Finance is honored to invite Wang Hui, the founder of Datang Huiguang Media Co., Ltd. and vice president of the China TV Drama Production Industry Association, for an exclusive interview.

• Capital providers are very optimistic about the entertainment RWA, practitioners are moderately accepting, and there is the greatest difference in user awareness and acceptance.
• The biggest opportunity point for the integration of entertainment and RWA is “liquidity release” and “value democratization.”
• The value of cultural and entertainment assets RWA can be assessed from four dimensions: asset value, legal and compliance, ecological expansion, and economic model.

The specific content is organized as follows:

1. What is the current market acceptance of entertainment RWA? What cognitive differences exist among capital, practitioners, and users? How can we reduce cognitive barriers?

Currently, entertainment assets are entering the market in the form of RWA (Real World Assets): Overall, there is a sense of curiosity and anticipation, but the atmosphere of wait-and-see is still strong.

Capital providers are in a very optimistic state, viewing entertainment RWA as a “high return + low threshold” entry into DeFi. Their main concerns are compliance, scalability, and exit mechanisms.

Practitioners are in a moderately accepting state, looking forward to monetizing their IP or content assets through the RWA model. However, their understanding of the underlying blockchain technology, token economics, and legal compliance is generally shallow.

There is the largest difference in the users' cognitive acceptance. Users in the Web2 era are accustomed to fan culture and content consumption, but lack trust in blockchain and token models, fearing project risks; while Web3 users focus more on speculative returns rather than the value of culture or content itself.

Therefore, in order to reduce cognitive barriers, we recommend that practitioners: establish industry benchmarks; simplify user experience; enhance industry education.

Where are the biggest opportunities for the integration of entertainment and RWA? What are the biggest obstacles?

The biggest opportunity lies in “liquidity release” and “value democratization.” The core of the entertainment industry is IP, and traditional IP is a high-value but illiquid asset. Through the RWA model, these “non-standard assets” can be standardized, fragmented, and circulated in the market. Users vote with their feet, paying for value and returning pricing power from the hands of a few to the market.

Undoubtedly, the biggest obstacles are the dual challenges of “compliance” and “asset valuation”. On one hand, the financial attributes of entertainment RWA are strong, but it is still unclear in which legal jurisdiction they are classified as securities, how to issue them legally, and how to exit. On the other hand, the technical barriers are high: on-chain valuation models are not yet mature, and mechanisms for asset pricing, secondary liquidity, and long-term yield tracking all need improvement.

3. From which dimensions do you think the value of entertainment assets RWA should be assessed?

I recommend evaluating from at least the following four dimensions:

• Asset Value: Does the IP asset itself have core appeal and sustainable income?
• Legal and Compliance: From the on-chain confirmation of rights to whether secondary trading is allowed, is the capital gain ownership clear and legal?
• Ecological expansion: Are there institutions/practitioners/users involved in building the ecosystem of this asset? For example, user communities, fan operations, derivative products, secondary creations?
• Economic Model: How does this RWA effectively capture the value of assets? Is it merely “dividends,” or does it have empowering functions (emotional/community/value-added)?

This multidimensional framework can help project parties and investors systematically assess whether the cultural and entertainment RWA has “investability + operability.”

4. This forum aims to establish a cornerstone for multilateral cooperation and formulate industry standards for the Chinese entertainment RWA sector. What assessment elements do you think should be included in the industry standards?

Promoting industry standards for the cultural and entertainment RWA sector in China is crucial. Referring to the 2023 “Trusted Blockchain Entity Asset Trusted On-Chain Technology Specifications” by China National Institute of Standardization, as well as the ICSCCS205 “RWA Project Evaluation Standards”, I suggest that the standards should focus on “compliance + innovation + sustainability”. The core evaluation elements include:

• Compliance and admission factors: clarify preconditions for asset issuance, investor eligibility, regional/industry restrictions, transfer restrictions;
• Valuation and Audit Factors: Standardized Valuation Models, Regular Audit Reports, Cash Flow Forecasts, Disclosure Mechanisms;
• Technical and security elements: On-chain identity/KYC, contract security, blacklist/whitelist mechanism, data traceability;
• Investor protection elements: information disclosure, exit mechanism, risk disclosure, fallback/redemption mechanism.

If the standards can achieve “unified terminology + operable processes + regulatory-friendly interfaces”, it will greatly lower the barriers to entry for the industry while enhancing the confidence of users, capital, and practitioners.

5. Are there any existing cases of RWA in the current entertainment sector? What new ways do you think there will be for entertainment RWA in the future? Are there any corresponding layouts?

Internationally, there have been some well-known attempts, such as Nike/.SW00SH and Coachella from the United States, the Royal.io( music copyright revenue sharing platform), CyberPictures (film and television RWA financing), and other projects.

In China, due to the constraints of the compliance environment, truly “tradeable and dividend-bearing” entertainment RWA cases are still very rare. In the past two years, the “digital collectibles (NFT) boom” has explored more of the IP “collectible value + marketing value”, rather than deeply binding to “real income rights”. Currently, the domestic focus is mainly on peripheral areas such as copyright certification and income rights crowdfunding.

New gameplay will also emerge in the entertainment RWA field in the future:

• Dynamic RWA: The equity and dividend ratio will be adjusted in real-time based on box office popularity, social data, and other factors;
• RWA+DeFi combination: Using entertainment RWA as a new type of collateral: Holders can pledge their film revenue rights RWA to borrow stablecoins in DeFi protocols, achieving asset reuse;
• “Participatory RWA”: RWA not only represents “beneficial rights” but also “decision-making rights”—for example, holders can participate in script direction choices, actor selections, and whether to make a sequel.
• IP Incubator Model: Fundraising through RWA model in the very early stage of IP creation to discover creators or themes overlooked by traditional giants, achieving the growth of innovative content.

We are closely monitoring the relevant layout direction and have internally promoted the “short drama + tokenized tickets + fan co-creation” module, while exploring a structure with three parallel tracks of “income rights + collection rights + secondary circulation”, striving to be the first to implement operable, compliant, and safe cultural and entertainment RWA products in the Chinese market.

We adhere to the principle of “function first, compliance as the foundation, experience-driven.” The team has completed several small-scale pilot projects covering key aspects such as rights definition, settlement processes, risk control, and audit interfaces, and has repeatedly calibrated usability and reliability in real scenarios. We are in the process of integrating several modules into replicable model projects, with positive results at this stage. We will disclose important milestones to the public in a timely manner. We are looking forward to more progress to be released soon and welcome industry colleagues to participate in the co-construction of standards and models.

6. What advice do you have for newcomers who want to enter the market?

• Value First: RWA is just a tool, not the goal. Participants should first ask: Does this entertainment asset itself really have value? Does RWA truly address the pain points that traditional models struggle to solve (such as liquidity, financing efficiency)? If an IP itself is a weak asset, RWA cannot bring it back to life, but may instead accelerate its value to zero.
• Compliance First: Especially in the Chinese market, one should not attempt to bypass regulations or play in gray areas. The essence of RWA is finance, and the core of finance is risk control and compliance. One should first design the legal structure, tax framework, and investor protection mechanisms before considering the business model.
• Jointly Build the Ecosystem: It is recommended to collaborate with large companies that have brand influence, content supply capabilities, or ticketing channels to avoid the “empty token” model. Utilize high-quality content + operations + token mechanisms together.
• Long-term thinking: The entertainment RWA is not a track where one can “make quick money.” Its explosion requires gradual clarity in regulation, maturity in technology, and the gradual popularization of benchmark projects through market education. Participants must possess patience, strategic vision, and the ability to deeply cultivate the industry.