A recent signal in the crypto world has emerged that many people have overlooked. JD.com's digital collectibles platform Lingxi, after nearly two years of suspension, suddenly restarted and even launched a transfer feature. More importantly, the official definition is: "Digital collectibles are digital rights certificates, they are commodities, not financial assets."

This statement may seem ordinary, but in fact, it serves as a clear dividing line.

In the Western crypto space, NFTs are regarded as financial assets, decentralized property rights, or speculative trading targets. Here, however, digital collectibles are strictly defined as "commodities" and "rights certificates," emphasizing rights confirmation and circulation, while completely removing financialization and securitization attributes. The implicit message is clear: blockchain technology is encouraged for use, but the financial aspects must be strictly regulated.

Looking ahead, two parallel "digital asset" ecosystems may emerge. One is a highly speculative, volatile decentralized crypto market; the other is a tightly regulated, practical digital goods system linked to the real economy.

Retail investors need to consider a few points:

First, the likelihood of domestic relaxation of cryptocurrency trading is low, but the trend is toward more compliant blockchain applications.

Second, focus on blockchain projects that are integrated with the real economy and have genuine practical value; their development environment will be relatively stable.

Finally, Bitcoin and Ethereum, as the global decentralized "digital gold" and "underlying ecosystem," maintain independent and solid value logic. This judgment will not change due to policy directions.

Ultimately, when facing a fork in the road, smart people don't have to choose one side and stick to it blindly. Instead, they need to see clearly where each path leads and be prepared to adapt to any of them. Are you just observing, or are you already making arrangements?