Odaily Exclusive Interview with PlayEstates: Allowing Young People to Become Global Landlords with $10

Original | Odaily Daily Report (@OdailyChina)

Author | Ethan (@ethanzhang_web3)

The pandemic in 2020 disrupted many established plans and also made William Guo realize the limitations of the traditional financial system during the advancement of a real estate project. This sparked the exploration of the integration of Web3 and real assets.

The same "disruptive gene" has now been integrated into the underlying architecture of PlayEstates. Whenever users receive daily USDC profit sharing from on-chain real estate through PNFT, and when Southeast Asian students invest $10 in high-quality U.S. assets, the William team always shares a smile in front of the electronic screen at their San Francisco office. These moments make the decision made on that night four years ago, when they were on the verge of bankruptcy, even more precious.

It is precisely this "turning crisis into opportunity" gene that allowed PlayEstates to attract over 10,000 users during the pre-marketing phase. Odaily has discovered that the record of its first batch of $350,000 in beta testing assets selling out in two and a half weeks is due to a large number of young users experiencing the shock of "being a landlord on the chain" for the first time — "It turns out that asset accumulation can be visualized like game tasks."

In the conversation with founder William Guo, sharp statements such as "Compliance is a matter of life and death" and "Liquidity is not a technical issue but a human issue" frequently emerged. How will this CEO, who attempts to implant a "Pinduoduo-style experience" into real estate, balance the compliance framework of Delaware Series LLC with the gamified design of SocialFi? Can ToC-type RWA truly break through the high walls of traditional finance?

The following is the transcript of the Odaily interview, enjoy～

1. The Path of "Playing" Out: The Evolution from Engineer to RWA Entrepreneur

Odaily Daily Report: Could you briefly introduce your background? Coming from traditional industries and the tech field, what considerations led you to ultimately choose to enter the RWA track?

William Guo: I started my career in engineering and green technology-related work, and later the company I was with was acquired by a large tech enterprise. Subsequently, my partners and I founded a fund focused on smart and green building, not only making investments but also deeply involved in the development of some real estate projects. We can say that we have accumulated a wealth of practical experience in real estate from both the investor and developer perspectives.

In 2020, when the pandemic broke out, we encountered the problem of sudden cash flow interruption while operating multiple projects. The reason was that some overseas investors could not enter the country to sign contracts, exposing the issues of the traditional real estate financing structure, which heavily relies on offline processes and intermediary systems. This structural risk prompted us to consider: can we use blockchain technology to digitize and fragment assets, allowing users to directly complete subscriptions and transfers on the chain?

This approach naturally aligns with the "decentralization" and "transparency and verifiability" emphasized by Web3. In 2022, we officially launched the PlayEstates project, focusing on the RWA track, hoping to connect high-quality real estate assets in the United States with global on-chain users and explore a new path for the digitization of traditional assets.

Odaily Daily Report: Your background is very diverse, covering multiple fields such as hard technology, real estate, and venture capital. How have these experiences influenced you in the process of building PlayEstates? Is there any reflection in product design or team operations?

William Guo: The greatest value of these diverse backgrounds is that they have allowed me to avoid some detours when making directional judgments and important decisions. This has played a key role, especially in compliance and long-term architectural design.

PlayEstates essentially involves asset securitization, so the compliance requirements are very high. I have always believed that in a phase where regulations are not yet fully clarified, recklessly "innovating" or attempting to circumvent rules is extremely dangerous. We hope that the project will be on the right track from day one, rather than waiting until it grows large to catch up.

Therefore, when assembling the team, I pay special attention to legal and compliance backgrounds. Many core members of the team, including legal advisors, are long-term partners I have worked with in my previous entrepreneurial or investment experiences, and we have a high level of trust and shared philosophy. This tacit understanding allows us to be more efficient in product structure design, process management, and external collaborations, making us more robust and reliable.

Odaily Daily Report: The outside world often views PlayEstates as the "real estate version of an NFT platform," but in your opinion, what is the core capability that is most easily overlooked? Will Tokenization-as-a-Service also be available in the future?

William Guo: This is a common misconception. We are currently adopting the NFT model for asset on-chain, but this is just one of the technological implementations at this stage. In the future, we do not rule out the possibility of shifting to an FT (fungible token) structure based on market feedback and liquidity demands, in order to enhance the trading efficiency and flexibility of the secondary market.

From a more fundamental perspective, our true core capability goes beyond "turning real estate into NFTs". Our strength lies in having a complete ability to acquire, manage, distribute, and ensure compliance of assets, especially having significant advantages in the channels for acquiring real estate assets, investment structures, and operational experience. Currently, most of the assets on the platform come from our own funds or projects developed in collaboration with family offices, and these resources are not easily replicable.

In addition, our goals extend far beyond real estate. Although real estate is the most mature and the field we are most familiar with, we are gradually expanding into other high-yield, compliant on-chain asset types, such as new energy, oil fields, and mines. These directions have entered the preparatory process and will also be launched on the platform in the future.

In the long run, we hope that PlayEstates will become a "multi-asset supported" RWA infrastructure platform, rather than a "real estate NFT marketplace." We also plan to gradually open Tokenization-as-a-Service (TaaS) to serve more institutions and developers with real assets but lacking on-chain tools.

II. Reconstructing Real Assets with Dual Tokens: The Model, Products, and Cross-Chain Ambitions of PlayEstates

Odaily Daily Report: PlayEstates has adopted the Delaware Series LLC structure and combines NFT issuance for real estate assets. In your opinion, what core advantages does this structure have in terms of compliance and governance?

William Guo: We are using the Delaware Series LLC structure, in conjunction with the compliance pathways of Regulation D and Regulation S, with the aim of achieving efficient governance and risk isolation while ensuring legality and compliance. This structure has already been validated by early projects such as RealT, and our compliance advisory team is actually the Resmith law firm, which participated in the compliance design for RealT back in the day.

Each Series corresponds to an independent asset, legally isolated from one another. This means that even if a certain project encounters default or liquidity issues, it will not affect other assets, fundamentally avoiding systemic risk. At the same time, each asset can operate, report, and manage independently, which further helps us to diversify our layout.

In terms of regulation, domestic users in the United States participate through the Reg D pathway, requiring only KYC certification; overseas users, on the other hand, can compliantly access through a Series Fund established in the BVI under Reg S. This "internal and external separation" structural design ensures the legality and transparency of real estate assets during the NFTization process, while effectively avoiding potential regulatory risks associated with "security-type NFTs."

Odaily Report: The "PNFT + OWND" dual-token structure launched by PlayEstates is quite rare in the RWA track. Could you briefly introduce its design logic and advantages?

William Guo: Our design adopts a dual-token structure of NFT and OWND, aiming to maximize user coverage and asset liquidity under the premise of compliance.

NFT is a digital certificate of assets. After users complete KYC, they can earn USDC rewards daily through this certificate; whereas users who have not completed KYC will receive rewards in the form of OWND tokens, thereby circumventing compliance and tax barriers in certain regions. OWND can also be used as a circulating utility token within the platform, with the potential to be listed on exchanges, providing a flexible path for more users to participate.

Compared to REITs or RealT models, we have optimized in two aspects: first, higher liquidity, as NFTs can be freely transferred on the platform or other supported NFT markets; second, fewer trading restrictions, avoiding issues like the months-long lock-up due to compliance in RealT projects, allowing users to enter and exit the asset market more conveniently.

This structure was jointly designed by our compliance consultant team with the global TOP 5 law firms, aiming to provide an entry point that balances security and efficiency for users of different identity statuses and regions.

Odaily Daily Report: Daily dividends and the SAFU fund are a highlight of PlayEstates. What is the operational logic of this mechanism? How does it achieve automatic income distribution in coordination?

William Guo: Our profit distribution mechanism is essentially the on-chainization of asset returns. The returns from the asset side will be distributed daily to users holding the relevant assets in the form of USDC. The benefits of this mechanism are twofold: on one hand, it enhances the platform's transparency, as all profit records can be verified on-chain; on the other hand, it facilitates future compliance reporting or tax processing.

We consider users holding NFTs as "digital shareholders" who receive daily dividends. The entire dividend process is executed automatically, with records that are publicly accessible, and it can also serve as on-chain proof of our platform's ability to perform. As AUM grows, we hope to strengthen user trust, especially in building confidence among traditional Web2 users.

Odaily Daily Report: What are the key differences of PlayEstates compared to projects like Ondo and RealT? Especially in terms of strategy regarding ToC participation paths and product experience?

William Guo: I believe that the core challenge in the current RWA track is not the asset tokenization, but rather the insufficient on-chain liquidity. The technology and compliance pathways have gradually matured, but many projects lack real user participation after going on-chain, resulting in tokens that "exist in form but lack substance."

The strategy of PlayEstates is to address liquidity issues at the source. We do not simply tokenize assets, but rather introduce mechanisms from SocialFi and GameFi, allowing users to participate in assets while "playing," enhancing interaction experience and trading frequency. Similar to how Pinduoduo attracts users through entertainment means, we also hope to provide a sense of achievement and stickiness in small investments, thereby building user trust.

Compared to traditional RWA projects that focus on ToB investment logic, we choose to firmly pursue the ToC route. Because we believe: as long as there are users, there will be liquidity; with liquidity, asset sides will naturally connect. This model not only reduces intermediary links and improves exit efficiency but also aligns more with the spirit of decentralization in Web3.

Odaily Daily Report: Which American real estate agencies, custodians, and payment systems (such as Banxa) has PlayEstates integrated with so far? What are the most challenging points in these integration processes?

William Guo: In the real estate sector, we first have our own investment institutions supporting us. Secondly, there are many cooperative family offices in the United States that can continuously provide us with asset packages and contract resources, which greatly helps the platform's AUM growth.

On the payment system side, we have now launched multiple on-chain payment service providers, including Banxa and MoonPay. We are building a complete payment system framework together with MoonPay, and in the future, we will gradually integrate various payment methods such as Apple Pay, Google Pay, ACH (Automated Clearing House), and Wire Transfer to meet different user preferences.

At the same time, we are also in talks for cooperation with a bank in the United States, Customers Bank. This bank took over many payment resources related to virtual currency after the collapse of Circle's partner bank. It currently supports the exchange of 46 currencies with USDC, and if the cooperation is successful, it will significantly enhance our payment efficiency, reduce the intermediate steps for users, and be more beneficial in saving costs and improving the efficiency of capital use for users.

In these integration processes, the challenge lies not mainly in the technical implementation, but in how to connect multiple systems and services within a compliant framework, ensuring a balance among security, user experience, and compliance.

3. RWA is not just compliance and returns: The future asset experience that PlayEstates wants to define

Odaily Planet Daily: In which countries is PlayEstates primarily used? What are the key markets for future growth?

William Guo: Currently, our users are mainly concentrated in two regions: the United States and Southeast Asia.

In the United States, most team members, asset parties, and early investors are located locally. Therefore, we have accumulated a group of qualified investors in the U.S. who have a solid understanding and resource foundation. They are familiar with local real estate assets and have a strong willingness to subscribe.

Southeast Asia is another important market for us, especially for users from mainland China, Hong Kong, and the surrounding areas. These users generally have the willingness to globally allocate their assets and hope to invest their local cash or assets more efficiently into high-quality assets in countries like the United States. However, due to restrictions such as channels, information, or thresholds, accessing such investment opportunities was not easy in the past.

Our platform can serve as a tool to solve the "information gap," helping them to complete asset allocation and achieve indirect holdings of certain asset classes that were previously difficult to access.

From the perspective of future expansion, we will continue to focus on the Southeast Asian market, and we are also paying attention to opportunities in the Middle East region, especially as some countries open up to exploring on-chain assets. We hope to promote more practical implementations in these areas in the future.

Odaily Daily Report: PlayEstates proposes to "help young people accumulate assets." In your opinion, what is the biggest asset dilemma currently faced by Generation Z? How will PlayEstates cut in?

William Guo: I believe the biggest challenge facing Generation Z is the "high starting point for assets." The previous generation could save up for a down payment on a house through hard work, but today's young people are confronted with soaring housing prices, significant inflation pressure, and continuously rising asset valuations. It is becoming increasingly difficult for them to rely on their own accumulation to obtain a property or a quality asset.

What we hope to solve is the issue of the "entry threshold". PlayEstates allows users to subscribe to shares of real-world assets starting from $10 - by "fragmenting" the assets, young people can participate at a low cost and gradually accumulate assets.

Odaily Daily Report: What do you think about the current mainstream narrative trend of RWA? Is the entry of traditional institutions beneficial for the sector?

William Guo: I think this is definitely a good thing. When we first entered this field, most traditional institutions were still observing and their decision-making processes were relatively slow, and their reactions weren't that quick. At that time, it was mainly entrepreneurs like us who were exploring and paving the way.

But now we can clearly see the change - these institutions are starting to recognize the direction of RWA and are also making plans. They are now trying to put some assets on the chain through blockchain, whether as product issuance or as a channel for asset allocation.

I think this is positive for the entire industry. On one hand, it helps to create healthy competition and pushes the entire ecosystem forward; on the other hand, it serves as a endorsement for retail investors—they will realize that this track is credible and is also favored by traditional finance. In the end, everyone will choose the platform and asset types that suit them, and PlayEstates is just one of the options.

We are still in the early stages, and there is still a lot of room in the market. The entry of institutions will only accelerate and stabilize the development of this sector.

Odaily Daily Report: What functional iterations will PlayEstates have in the next phase? For example, mobile端, DAO governance, or asset auctions?

William Guo: We will launch the mobile App in Q4 this year, with both Android and iOS versions being released simultaneously. This will allow users to more conveniently subscribe, view earnings, or participate in governance on the mobile platform.

At the same time, in Q4, we will gradually launch the relevant governance mechanisms for the DAO. Because for asset holders, they should have the right to participate in the management of the assets, such as whether to sell a certain asset or how to enhance returns. In the future, these will be realized through voting.

As for lending and asset portfolio derivatives, we are currently advancing the compliance process and connecting with some suitable partners. This part may need another two to three quarters to refine.

One point we value more now is: the money on the platform, we actually have a responsibility. We're not saying that once we collect the money, it's over, but rather we hope to genuinely achieve "making money work for you" through better asset design or derivative products, and then return the profits to users and investors.

Odaily Daily Report: Finally, do you think the biggest pain point of current RWA is compliance or liquidity? In your opinion, what key issues must the next generation of RWA projects address?

William Guo: These two pain points are actually closely related. Compliance is fundamental; if compliance is not done well, the assets on the blockchain lack legal protection, let alone user trust. Liquidity then determines users' willingness to participate and their experience. Many projects have gone on-chain, but due to complex procedures, difficulties in exiting, or high costs, the value of the assets that users finally obtain is discounted, making it difficult to sustain.

In my opinion, the next generation of RWA projects that truly have long-term potential must address three things simultaneously: compliance, liquidity, and asset quality.

The first is compliance localization. Regulatory requirements vary greatly across different countries, and a single solution cannot be applied globally. PlayEstates adopts a regional compliance strategy, for example, users in the US follow Reg D, while overseas users connect through a BVI structure, ensuring that users in different regions participate within a controllable scope.

The second is liquidity experience. We not only focus on whether assets can be transferred, but also on whether the entire process of payment, subscription, and exit is smooth. PlayEstates lowers the threshold through GameFi and SocialFi models while optimizing on-chain interaction processes to improve participation efficiency.

The third is the quality of the assets themselves. Currently, some projects are packaging bad assets on-chain, which is essentially "shell financing," harming both users and the industry. We always insist on only launching real, high-quality assets with clear return structures, and granting users the right to enter and exit freely.

These three points are indispensable and truly form the moat of the new generation RWA projects.