Why is NNA More Important than RWA? “On-Chain Native Assets” Are What Give Value to Cryptocurrency

With the Maturation of the Crypto Market, Consumer Crypto Applications and Assets Are Rapidly Becoming the New Wave for Retail Investors

With the maturation of the crypto market, consumer-centric crypto applications and assets (Consumer Crypto) are quickly becoming the new wave for retail investments. Among them, Net New Assets (NNA), which do not rely on traditional financial infrastructure, are creating a new market space and asset forms, attracting users to participate. This article will delve into the concept, potential, and three representative applications of NNA that are reshaping retail investment models.

What is NNA? Definition and Value Basis Analysis

NNA (Net New Assets), also known as on-chain native assets, refers to entirely new asset types that could not exist before the advent of blockchain technology. These assets do not depend on traditional financial structures; instead, they are built entirely on crypto infrastructure, such as L1 and L2, smart contracts, and liquidity protocols.

Typical examples of NNA include meme coins, social tokens, prediction market contracts, and innovative applications such as real estate derivatives. They not only break traditional asset classifications but also allow retail investors to participate in high-risk, high-reward asset investments with low barriers and high efficiency.

Why is NNA the Next Breakthrough? Four Advantages Revealing Future Potential

Blockworks Research analyst Ryan Connor points out that NNA possesses stronger growth momentum compared to Real World Assets (RWA), with core advantages including:

• Blue Ocean Market Potential: Currently in the early stages of development, with less competition and significant innovation space.
• High-Profit Margin Model: Business models targeted at the retail market have substantial profit potential and rapid turnover.
• Rapid Revenue Realization: Can directly reach end users without relying on institutional sales channels.
• Enhanced by Social and Network Effects: Combining community dynamics with token economies quickly forms loyal user groups and solid barriers to entry.

These characteristics make NNA the preferred battlefield for crypto-native entrepreneurs, while also bringing more flexible investment options to the retail market.

Three Major NNA Applications Leading New Crypto Business Models

Ryan also identified three well-known NNA applications, which will be introduced as follows.

Pump.fun: The Trading Playground of Meme Coins

Regarded as the crypto “Arena (PvP),” Pump.fun is one of the applications most in line with the NNA concept, allowing users to instantly issue and trade meme coins, realizing price fluctuations and profit opportunities through a Bonding Curve mechanism:

We believe that this trench-like market is a long-term and increasingly normalized phenomenon. Platforms like Pump not only lower the barriers to participation but also increase the enjoyment of realizing profits in a short time, potentially representing the next frontier for retail investment.

(Pump.fun’s creator revenue-sharing plan sparked controversy over “fueling scams”: Discussing the importance of returning value to the community)

Dune data shows that since the platform’s launch, it has issued over 10.66 million tokens, accumulated trading volume exceeding $60 billion, and accumulated revenue surpassing $712 million, maintaining the top position in on-chain revenue for 13 consecutive months.

Ryan predicts, “We believe it has the potential to surpass traditional gambling platforms like Draftkings in revenue scale.”

Believe: Allowing Every User to Participate in Angel Rounds

Believe focuses on micro-token issuance and is based on the concept of “Internet Capital Markets (ICM),” allowing developers to raise small amounts of funds with a simple “post,” enabling users to safely participate in these early projects and enjoy reward opportunities similar to VC investments.

As previously introduced by Chain News, ICM is a decentralized, permissionless, real-time, and global financing market that allows creators, developers, and project initiators to directly issue tokens through community influence. It features low startup barriers, instant capital liquidity, and internet-native characteristics:

This application fundamentally lowers the fundraising threshold for entrepreneurs and allows retail investors to engage in potential unicorn projects with minimal costs.

(Examining the opportunities and risks of the Internet Capital Market through Believe’s rise: Can ICM lead the next bull market?)

Time.fun: A New Way to Combine Social Tokens with Identity and Status

Focusing on exploring social tokens, Time.fun is also a concrete product of NNA, centered on the idea that “your time can be tokenized, your market value can be flaunted, and even become a new generation of ‘social capital.'”

The platform operates by allowing creators to convert their time into tokens, which fans can purchase for services such as private messages, group chats, voice, or video calls. At this point, the “time” invested by creators into fans becomes the intrinsic value standard of the social token:

Time.fun is not just an application but a tangible embodiment of the “identity economy” in the crypto world, which may become a standard configuration for crypto socialization in the future.

From Bubble to Evolution: Is NNA the Next Step for Crypto?

NNA is changing our definition of assets and reconstructing the way retail investors participate in financial markets. From the gamified trading of meme coins on Pump.fun, to the on-chain fundraising experiment of Believe, and the time identity tokenization economy of Time.fun, all indicate that:

Consumer crypto is preparing to break away from the gravitational pull of past speculative bubbles at an unprecedented speed, moving towards the next evolutionary stage driven by creativity, community, and native economics. NNA may very well be the fuel for this evolution.

Risk Warning

Investing in cryptocurrencies carries a high level of risk, and their prices may fluctuate significantly. You may lose all your principal. Please carefully assess the risks.