Soneium, the Ethereum layer 2 blockchain developed by Sony Group and Startale Group, has partnered with South Korean entertainment company DayOneDream to put K-pop intellectual property, and the revenue tied to it, onchain as tokenized assets.

DayOneDream manages artists including BTOB, Lee Chae Yeon, MeMi and 2F, and runs concerts and music publishing. The partnership pairs its tokenization platform, WAVIST, with Soneium’s blockchain. The companies are presenting the deal at a WAVIST event in Seoul on Tuesday, during Korea Blockchain Week.

Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter.

What Fans Would Get

The companies describe the deal as a way for fans to share in revenue from the IP behind the acts they follow. Eligible users would get tokenized exposure to revenue from concerts, streaming and music rights, and rights holders would get a new source of funding. Who qualifies depends on regulation, according to the companies.

They did not say when the first assets will be offered, which artists’ IP comes first, or how large any offering will be.

“K-pop is a market unlike any other, yet the way capital reaches it has barely changed,” said Dylan Cho, real-world asset (RWA) lead at DayOneDream, in the announcement. “Our partnership with Soneium sits where RWA, IP, and K-pop meet, and it opens a real path to investing through the IP itself.”

Earlier Deals

In May, WAVIST finished repaying a tokenized bond issued to finance K-pop IP, and the bond’s tokens were then burned, the companies said. They did not disclose its size.

IP Strategy, a Nasdaq-listed company that holds Story’s token as its primary reserve asset, said in March that WAVIST’s first asset sales, done with Korea’s Kyobo Life Insurance and Singapore’s SBI Digital Markets, raised $3.22 million, and that a $15 million fund was being put together. It described WAVIST’s tokenized assets as running on Story, another blockchain focused on IP.

Startale, Soneium’s co-developer, closed a $63 million Series A in March with money from SBI Group and Sony Innovation Fund, mostly to scale Strium, a blockchain for tokenized securities.

“K-pop is a great place to start, and we will keep bringing more entertainment IP onto Soneium,” said Yuji Kumagai, head of Soneium Protocol, in the announcement.

Related Listen: Why the Crypto Market Cap Could Reach $50 Trillion This Cycle