
nodes:
  - kind: block
    type: paragraph
    nodes:
      - kind: text
        text: w
      - kind: inline
        type: hashtag
        data:
          key: one
        nodes:
          - kind: text
            text: ""
          - kind: inline
            type: hashtag
            data:
              key: two
            nodes:
              - kind: text
                text: or
          - kind: text
            text: ""
      - kind: text
        text: d
