Abstract: At its core, a property system constitutes an institutional arrangement achieved through game equilibrium to address resource governance needs within specific societal contexts. Its evolution is shaped by dual game mechanisms:externally, through interactions with the institutional environment manifested as technological innovations, shifting economic conditions, and evolving resource values-factors that propel the expansion of property objects from tangible to intangible forms; internally, through the dynamic equilibrium among the triadic elements of "subject (quantity)- object (characteristics)-rights (strategies)" within the property structure. Confronting the challenges of data propertization, traditional physicalist and absolutist paradigms reveal fundamental limitations. As a form of property, data is characterized by uncertainties, including non-rivalry, fluidity, and scale-dependency, while its propertization involves collective participation of multiple stakeholders in value creation. Consequently, a governance paradigm should be adopted for data propertization:replacing the single-owner model with stakeholder collaboration, substituting exclusive entitlements for dynamic use-right configurations, and establishing an open, flexible property governance system responsive to changes in data morphology, scale, and scarcity. Maximizing data value necessitates implementing trusted circulation mechanisms.