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Hyper-consumption in capitalist economies has had a severe impact on the environment that no one can escape. In recent year, there has been a high degree of optimism in sharing economy with regard to coping with the environmental problems caused by consumption. However, most of the current literature focuses on business perspectives in which a sharing economy is portrayed as a new business model, but not as a way to curb environmental degradation. This paper, based on a social science perspective, investigates the potentials and limitations of the strategies adopted in sharing economy projects towards social transformation (especially coping with environmental degradation and hyper-consumption), with the adoption of Erik Olin Wright’s concept of real utopia. A case study approach has been adopted in terms of a sharing economy project named ‘Waste-no-mall (Yuen Long)’ in Hong Kong. The project founder embraces ideological-led strategies based on collective responsibility, self-determination and reflexivity, encouraging the participants to reflect on their consumption behaviours, and thus increasing the level of awareness of the need to reduce unnecessary consumption. However, it is a double-edge sword that limits its impact to those who are active participants, without spreading to others the need for change. It is also limited for their interstitial strategies within the project, and is unable to call for a concrete symbiotic transformation when it comes to policy. The significance of this paper is two-fold. First, it adopts a social science perspective that centres on exploring the proclaimed social implications of sharing economy, an aspect which is under-studied given that most of current studies are from a business perspective; second, it extends Wright’s concept to an operational level by showing an important pathway aiming to solve environmental problems through the simultaneous achievement of both horizontal and vertical balancing strategies, based on Wright’s concept of real utopia.