AI native infrastructure and programmable IP blockchain platform Story, in collaboration with the Hangzhou Cultural Property Exchange, Lanxun Media, and Web 3 incubator Starbase, is jointly promoting the official launch of China's first consumer-oriented digital advertising RWA (Real World Asset) project. The project innovatively splits the advertising publishing rights of the "Big Screen" at Hangzhou Guoda City Square into 800 digital assets, mapping them to the Story public chain, which officially went on sale at 10:00 on August 8, 2025, and sold out on the same day.

This is the first advertising RWA project in mainland China jointly promoted by state-owned enterprises, compliant platforms, and Web 3 infrastructure, marking the first practical exploration of IPRWA (Intellectual Property Rights-related RWA) compliance on-chain by Story in China, and providing important support for its global IP compliance strategy. This attempt also represents a key exploration for Story in advancing compliance in the Asia-Pacific region.

Real World Assets (RWA), Artificial Intelligence (AI), and Intellectual Property (IP) are gradually becoming the three most promising main lines in the Web 3 world. As RWA expands into non-financial fields, advertising resources (such as 3D outdoor screens, media placements, and playback rights) are emerging as new carriers of RWA due to their stable income expectations and real-world anchoring. Incorporating such assets into on-chain issuance is not only a technological breakthrough but also a cutting-edge exploration of asset management logic.

Currently, non-standard assets face a series of core challenges in the process of being put on-chain as RWA, particularly in the following areas:

• Ambiguous Ownership Identification: Non-standard assets like advertising spaces lack a unified rights confirmation mechanism, often confusing ownership with usage rights, leading to issues of double issuance and difficult risk control;
• Disconnection Between On-chain and Off-chain: On-chain can only record "rights expression," but lacks off-chain legal mechanisms for support, such as arbitration, notarization, and judicial enforcement, resulting in obstacles to the execution of token rights;
• Insufficient Legal Protection: Once the operating party changes, contracts become invalid, or platforms exit, how to protect the rights of holders remains lacking in a comprehensive off-chain support system.

For example, even if the playback rights of a 3D advertising screen are tokenized on-chain, if the actual operating entity changes or extreme situations like bankruptcy occur, it remains uncertain whether token holders can continue to enjoy their rights.

The Story chain is built to address these issues through on-chain transparent traceability and automated incentive distribution mechanisms. In the trend of deep integration between on-chain and the real world, advertising RWA has multiple advantages over traditional financial assets, such as stocks, bonds, or real estate, including greater visualization, strong traffic value, and verifiable compliance.

The compliance framework of this collaboration is also groundbreaking:

• The Hangzhou Cultural Property Exchange (established with the approval of the Hangzhou Municipal People's Government and reviewed by the State Council's inter-ministerial joint meeting) participates for the first time in on-chain asset issuance as an off-chain rights confirmation and listing institution, establishing a compliance path of "off-chain rights confirmation + on-chain mapping";
• State-owned institutions have shifted from "bystanders" to "participants," reflecting a positive response from the policy level towards Web 3 and RWA practices;
• Story has been designated as the sole technical support public chain, demonstrating the technological credibility of blockchain infrastructure in real asset management.

Notably, starting from the end of 2024, several local governments (including Beijing, Shanghai, Hangzhou, and Shenzhen) will successively pilot the establishment of "digital asset registration platforms" or "digital property trading mechanisms" to promote the integration of physical assets and digital technology. In this context, the Hangzhou Cultural Property Exchange, as a compliant platform with an official background, participating in the issuance of the RWA project not only has a foundation for policy support but also signals a positive attitude from regulators towards exploring "on-chain compliance."

It can be said that the collaboration between Story and the Cultural Property Exchange is at the intersection of policy encouragement and compliance exploration in mainland China, providing a reference path for the digitization, standardization, and on-chaining of more non-standard assets, while further expanding the real landscape of the $IP ecosystem in the Asia-Pacific region.

It is reported that the stock price of Huamei Holdings, an important participant in this project and a shareholder of the Hangzhou Cultural Property Exchange, saw a significant increase on the day of the sale, with a maximum increase of 9.57%.

Historically, global asset management has undergone two major transformations: the first was the introduction of the Investment Company Act in 1940, which gave rise to the current $58 trillion mutual fund system; the second was the rapid development of ETFs (Exchange-Traded Funds) in 2024. According to a report released by the Boston Consulting Group (BCG) in October 2024, RWA tokenization is becoming the "third revolution" in asset management, expected to achieve explosive growth in the next five years, with the scale of tokenized asset management likely to exceed $600 billion by 2030.

Currently, the Story network has supported over 1.7 million intellectual property transactions, with over 200,000 monthly active users, demonstrating a broad demand for on-chain programmable IP infrastructure. The platform covers content from global top artists such as Justin Bieber, Madonna, Katy Perry, Miley Cyrus, BLACKPINK, BTS, BIGBANG, Dua Lipa, as well as commercial collaborations with brands like Adidas and Crocs, showcasing its wide applicability in the global cultural and commercial ecosystem.

The successful pilot of this consumer-oriented digital advertising RWA not only broadens the asset categories of RWA but also provides a new paradigm for the transparency, decentralization, and efficient circulation of the intellectual property market.

About Hangzhou Cultural Property Exchange

The Hangzhou Cultural Property Exchange is a comprehensive property trading service institution with national background, continuously innovating and optimizing services in recent years, gradually forming a trading service platform centered on asset trading, and building a diversified, systematic, and professional comprehensive trading service system.

About Huamei Holdings

The third media operating asset publicly listed enterprise in China’s newspaper industry group, with the controlling shareholder being Hangzhou Daily Group. The company relies on the authoritative mainstream media matrix in Hangzhou, deeply integrating into urban development based on its cultural media business, and focusing on industries such as MICE, education, parks, technology, and investment, aiming to become a service provider centered on authoritative content production and dissemination, comprehensive urban marketing services, and cultural leisure ecosystem creation. The company has received numerous honors, including the most investment-worthy listed company in the Yangtze River Delta, one of the top 100 listed company brands in China, one of the top 100 service enterprises in Zhejiang Province, a leading enterprise in cultural tourism in Hangzhou, and a model collective in Hangzhou.

About Starbase

Starbase Digital Innovation Limited is a Web 3 accelerator established in Hong Kong and is a leading comprehensive service provider in the RWA sector. It provides a series of customized solutions for projects and platforms wishing to enter the RWA field for issuance or business development, helping enterprises address needs in asset issuance, compliance frameworks, technical architecture, ecosystem expansion, and market promotion, accelerating the landing and development of the RWA industry.

About Story Foundation

Story Foundation is a non-profit organization supporting the Story blockchain. Story is a technology platform designed for the $80 trillion global intellectual property (IP) market, helping creators, businesses, and AI systems to tokenize, trace on-chain, and license intellectual property. Its protocol addresses the disconnection between traditional law and the realities of creation in the AI era, making the source of works traceable, automating licensing, and expanding the boundaries of the IP market. Story is also the foundational platform for the evolution of $IP into a network-native asset class, becoming a representative of a crypto protocol with real application value.

Learn more: https://www.story.foundation

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