Since 2026, the term has become a hot topic in the market, and behind this boom, the overseas model token agency industry, which relies on reselling token quotas at low prices and building transit sites, is rapidly becoming popular. Various “0 threshold side business” recruitment advertisements are rampant on multiple online platforms, and they also rely on multi-level profit sharing mechanisms to achieve large-scale fissionary growth. An investigation by the Securities Times reporter found that this grey industry, which is on the edge of compliance, seems to provide low-cost channels for individual creators, micro, small and medium-sized enterprises, and research groups to call large overseas models. In fact, chaos abounds: some transit sites obtain improper benefits through false billing, model loss, and arbitrage refunds, etc., and the data entered by users almost “runs naked” during transmission. Due to hidden operations, prominent cross-border attributes, and rapid model iteration, the industry is becoming a difficult point in regulatory governance. Industry experts said that only by filling the legal demand and supply gap, establishing a normalized hierarchical management mechanism, and promoting the upgrading of domestic large-scale model technology and services can we force the grey industry to clear up and push the industry towards compliance and standardization.

Since 2026, the term has become a hot topic in the market, and behind this boom, the overseas model token agency industry, which relies on reselling token quotas at low prices and building transit sites, is rapidly becoming popular. Various “0 threshold side business” recruitment advertisements are rampant on multiple online platforms, and they also rely on multi-level profit sharing mechanisms to achieve large-scale fissionary growth. An investigation by the Securities Times reporter found that this grey industry, which is on the edge of compliance, seems to provide low-cost channels for individual creators, micro, small and medium-sized enterprises, and research groups to call large overseas models. In fact, chaos abounds: some transit sites obtain improper benefits through false billing, model loss, and arbitrage refunds, etc., and the data entered by users almost “runs naked” during transmission. Due to hidden operations, prominent cross-border attributes, and rapid model iteration, the industry is becoming a difficult point in regulatory governance. Industry experts said that only by filling the legal demand and supply gap, establishing a normalized hierarchical management mechanism, and promoting the upgrading of domestic large-scale model technology and services can we force the grey industry to clear up and push the industry towards compliance and standardization.