A real world asset (RWA) project to tokenize physical assets is being pushed to raise funding for producing "K-content." The goal is to normalize Korea's content production ecosystem, which has been subordinated to overseas OTT (online video service) platforms such as Netflix and Disney.
Director Yang Woo-seok, who made the films "The Attorney" and "Steel Rain," and producer Baek Jin-dong, who produced the dramas "Iris" and "Athena: Goddess of War," held a roundtable on the theme of "K-content RWA tokenization" at the headquarters of Korea Digital Asset Rating & Certification in Seoul on the 9th. Director Hong Chang-pyo (film "The Matchmakers"), director Noh Gyu-yeop (drama "A Shop for Killers"), director Lee Sang-moon (film "Highway Family"), and director Choi Eun-jong (film "Dokgo Rewind") attended.
At the roundtable, participants discussed ways to raise funding for K-content such as films and dramas through RWA. RWA is a virtual asset linked to a physical asset. It is a method of tokenizing a physical asset in the form of coins and other formats and conducting a transaction in the virtual asset market.
Director Yang Woo-seok said, "The K-content production ecosystem is slipping into a subcontracted production structure," and added, "We need to combine RWA with tokenomics (token economic structure), and K-content producers should unite to restore the broken K-content value chain and move toward normalization."
The K-content production market has frozen as funds invested in new content production decrease each year. The fact that content IP (intellectual property) rights are vested in OTTs, preventing production companies from holding additional production rights even when content succeeds, is also cited as a factor shrinking the K-content ecosystem.
Yang proposed raising 1 trillion won—half of the current annual K-content investment amount of 2 trillion won—through RWA and using it to invest in more than 50% of the total number of productions annually. He also presented a plan to restore the content value chain by introducing a DTC (Direct-to-Consumer) content distribution structure.
Producer Baek Jin-dong also said, "The deterioration of the K-content production environment is because the hegemony of content production has been subordinated to global OTTs," and proposed securing half of K-content with investment funding raised through RWA.
Korea Digital Asset Rating & Certification is providing consulting for the K-content RWA project. On the 5th of this month, Korea Digital Asset Rating & Certification met with DMCC (Dubai Multi Commodities Centre), a Dubai commodity exchange and free trade zone, to discuss cooperation plans for K-content RWA.