Renaiss has been making some moves lately, and I think the real thing worth paying attention to isn’t the events themselves, but how they’re gradually building out the full pipeline for collectible RWAs. In the past, when people talked about putting collectibles on-chain, most of the focus was on turning cards into NFTs. But the real challenge lies in what comes after—circulation, verification, and physical delivery. The recently launched Permissionless Transfer actually addresses the issue of asset liquidity. Now, users can directly transfer on-chain collectible assets to each other without needing an intermediary platform, which also lowers the cost of exchanging collectibles. Of course, zero fees don’t mean zero risks. On-chain transfers still require Gas fees, and there’s no rollback mechanism if you send to the wrong address. So when you’re actually doing it, I’d recommend testing with a small amount first to make sure the process works before transferring larger amounts. What’s even more significant is the start of the Redemption Phase. For Renaiss, the key step in proving whether RWA works is getting the physical cards corresponding to the NFTs back into users’ hands. On-chain verification is just the beginning—real-world challenges like storage, logistics, taxes, and delivery are where the project’s capabilities will truly be tested. Right now, they’re opening redemptions through an SBT threshold, which is essentially a small-scale test. Letting early community users experience the full process first, then gradually expanding the scope, is a more stable approach than opening it up to everyone all at once. I think what @renaissxyz is doing now is transforming collectibles from something you just buy and hold into dynamic assets that you can own, trade, transfer, and redeem. In the future, when evaluating projects like this, we shouldn’t just look at how many NFTs they’ve issued, but whether the physical assets are actually moving. If Renaiss can consistently bridge on-chain records with offline delivery, it has a real shot at becoming the foundational infrastructure for collectible RWAs.