Xiao Feng: The Web3 application layer three-token model includes NFT, functional tokens, and security tokens

ChainCatcher news, during the main event "The Future of Tokenization" at the 2023 Hong Kong Web3 Carnival, Xiao Feng, Chairman of Wanxiang Blockchain and HashKey Group, delivered a closing keynote speech titled "The Three-Token Model of Web3 Applications." He stated that the applications of Web3 will inevitably meet various demands. The token model at the application layer of Web3 is different from that of the underlying protocol. The underlying protocol is a single-token model that should be unified globally, while the application protocol is a three-token model, with each application scenario having its own characteristics. In the three-token model, the first is NFT (value of data, products, and services), the second is functional Token (value of usage rights), and the third is security Token (value of ownership, which is equity value).