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FollowingHotShort attended the Feixiaohao × GWDC 2026 Innovation Forum in Seoul as a co-organizer to discuss the capitalization of short drama content.
HotShort has confirmed joining the Feixiaohao × GWDC 2026 Innovation Forum held in Seoul as a co-organizer. The event is scheduled to be held on September 29, where HotShort will showcase its business model for transforming short drama content and related revenue into blockchain-based assets.
Focus on real-world assets and on-chain revenue sharing of short dramas
At this Seoul Forum, HotShort will focus on discussing real-world assets (RWA) in the short drama field and on-chain revenue sharing mechanism. The overall agenda of the event covers issues such as stock tokenization, Web3 applications and artificial intelligence leadership, while HotShort co-founder Answer will specifically elaborate on the platform's "content capitalization" model.
Feixiaohao announced that this forum will be held at the AT Center in Seoul. In addition to HotShort, Tron founder Sun Yuchen, Microsoft representatives, South Korean cryptocurrency exchange Bithumb and Animoca Brands are also expected to attend. HotShort's contributions will focus on short drama rights management, token issuance and blockchain-based revenue distribution.
The uniqueness and legal definition of the RWA model of short dramas
HotShort has positioned itself as a platform focusing on the Southeast Asian market, aiming to transform short drama content into digital assets. According to its official description, its business covers mobile short drama production, real-world asset characterization, token issuance and transactions related to on-chain revenue sharing.
值得注意的是，“真实世界资产”（RWA）这一术语涵盖多种结构。代币可能代表对资产的直接所有权、对托管方或发行方的债权，或者仅在合同下的经济敞口。代币本身并不确立买方的所有权性质；持有者的权利取决于治理协议、托管安排以及适用法律。此外，短剧作为一种以移动设备为首选平台的脚本视频格式，与传统 RWA 市场中常见的股票、债券和基金有所不同。HotShort 的演示计划将该代币化模型应用于娱乐内容及其相关现金流。
链上记录与法律权利的区分
尽管股票代币化等其他 Web3 应用也在论坛讨论范围内，但与视频收入挂钩的代币并不自动等同于代表上市公司所有权的代币化股份。即使在标有相同代币化标签的产品中，法律权利也可能存在差异。近期的一项所有权分析显示，代币化股票可能表现为直接股份、托管债权或合成合约，导致持有者拥有不同的投票权、分红权和赎回权。
对于基于内容的 RWA，这些条款决定了代币是追踪特定应收账款、赋予持有者合同规定的收益份额，还是在平台内扮演其他角色。同时，它们也决定了制作成本、平台费用、授权支付、退款及其他扣除项如何影响可分配金额。
虽然区块链上的转账记录可以显示代币在不同钱包间的流动，但账本本身无法证明场外资产的收入是否已到达发行人手中，也无法证明持有者拥有具有法律执行力的索赔权。因此，内容收益模式依赖于连接制作人、分销商、代币发行方和购买者的协议。
美国监管视角下的证券法适用性
对于美国买家而言，将某种工具称为 RWA 并不能使其免除联邦证券法的管辖。根据美国证券交易委员会（SEC）发布的框架，如果投资者投入资金于共同企业，并合理预期通过他人的努力获得利润，则该数字资产可能被认定为投资合同。这一认定取决于具体事实以及产品的发行和销售方式。
因此，若代币被营销为对制作团队、分销商或平台产生的收入的被动索赔，可能会引发美国证券法规方面的问题。最终结论将取决于发行文件、合同权利、营销声明及运营结构。
此外，知识产权归属也是一个独立问题。区块链条目可以记录代币交易，但版权、许可权限版税义务仍由合同及适用于内容和所有者所在地的法律管辖。美国购买者需要明确代币是否授予所有权权益、许可证、付款请求权，还是仅提供对平台功能的访问权限。目前，任何与美国收入权利挂钩的代币 offerings 都可能受到联邦证券规则的约束。
