South Korea’s Blockchain Push Aims to Unlock $80T in Global Cultural IP Value

Seoul Exchange, one of only two licensed platforms for unlisted securities in South Korea, has announced a three-year partnership with Story Protocol to exclusively use its blockchain infrastructure for tokenized real-world assets (RWAs). This collaboration aims to tokenize Korean cultural and intellectual property (IP), including K-pop royalties, K-drama rights, webtoons, and patents, creating a regulated marketplace for these assets. The initiative positions Seoul Exchange as a pioneer in blockchain-based trading of IP, leveraging Story’s Layer-1 blockchain and native $IP token to enable on-chain settlementSeoul Exchange, One of Only Two Licensed Platforms For Unlisted Securities, Will Exclusively Use Story To Settle Tokenized RWAs^[1].

The partnership marks a significant step in South Korea’s efforts to integrate blockchain into its financial ecosystem. Seoul Exchange, operating under the country’s financial regulatory sandbox, will use Story’s infrastructure to register and settle tokenized assets, including music rights, game universes, and patents. This move aligns with Korea’s growing crypto market, which ranks as the world’s second-largest by trading volume at $450 billionSeoul Exchange Integrates Story Protocol for Tokenized Assets^[2]. Story’s blockchain, backed by $136 million in funding from a16z, Polychain, and Samsung Ventures, is designed to programmatically embed royalties and usage terms into tokenized assets, enhancing transparency and liquiditySeoul Exchange, One of Only Two Licensed Platforms For Unlisted ...^[3].

The initiative addresses structural challenges in monetizing IP, particularly for creators who often lack long-term ownership rights. By tokenizing IP, Seoul Exchange and Story aim to democratize access to high-value cultural assets, enabling global investors to own and trade fractionalized rights. Notable IP already registered on Story includes K-pop groups like BTS and BLACKPINK, as well as global artists such as Justin Bieber. This approach shifts from traditional licensing models to a fan-driven economy, where production companies retain IP ownership while engaging in distribution agreements that ensure sustainable revenue streamsSeoul Exchange, One of Only Two Licensed Platforms For Unlisted ...^[4].

Regulatory alignment is a critical component of the partnership. The platform will comply with Korea’s evolving STO (Security Token Offering) regulatory framework, ensuring institutional-grade compliance. If approved, a Korean won-pegged stablecoin could further integrate with the system for native currency settlements, aligning with domestic financial infrastructureSeoul Exchange, One of Only Two Licensed Platforms For Unlisted ...^[5]. The collaboration also prioritizes assets with strong fan engagement, such as K-dramas and webtoons, while supporting future integrations with financial products and governance layers to enhance programmability of IP rightsSeoul Exchange, One of Only Two Licensed Platforms For Unlisted ...^[6].

Leadership from both entities emphasized the strategic significance of the partnership. JD Yang, CEO of Seoul Exchange, stated the collaboration strengthens trust in building a leading STO exchange through an IP-centric tokenization model. Seung-yoon Lee, CEO of Story Protocol, highlighted the potential to unlock $80 trillion in global IP value, positioning Korea’s cultural assets as a cornerstone of the next blockchain growth cycleSeoul Exchange, One of Only Two Licensed Platforms For Unlisted ...^[7]. With this integration, Story becomes one of only two chains powering RWAs in South Korea’s second-largest crypto market, reinforcing IP’s role in the nation’s blockchain-driven financial innovationSeoul Exchange, One of Only Two Licensed Platforms For Unlisted ...^[8].