Soneium Partners With DayOneDream to Tokenize K-Pop Revenue
The deal could give eligible users exposure to concert, streaming and music-rights revenue through DayOneDream’s WAVIST platform.
Soneium and South Korean entertainment company DayOneDream are joining forces to tokenize K-pop intellectual property and related revenue, potentially opening blockchain-based access to concert, streaming and music-rights income.
The partnership will connect DayOneDream’s WAVIST tokenization platform with Soneium, an Ethereum layer-2 blockchain developed by Sony Group and Startale Group. Eligible users could receive tokenized exposure to revenue tied to entertainment assets, while rights holders could gain a new source of funding.
Eligibility will depend on applicable regulations. The companies have not disclosed when the first assets will be offered, which artists will be included or how large any offering will be.
DayOneDream manages artists including BTOB, Lee Chae Yeon, MeMi and 2F. The company also operates concerts and music publishing activities.
The partnership is being presented at a WAVIST event in Seoul on Sept. 29 during Korea Blockchain Week. The event provides the companies with a venue to outline how the platform and Soneium will be used for future entertainment-related assets.
WAVIST completed repayment of a tokenized bond used to finance K-pop intellectual property in May, after which the bond tokens were burned. The bond’s size was not disclosed.
“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.
The companies have not announced a date for the first offering or identified the initial artists whose intellectual property would be tokenized.
