Day1Dream Tokenizes Drama IP as RWA on Conex Blockchain

Day1Dream launched its first video-content real-world asset (RWA) product under the '$CNTNT' sector, an effort to bring entertainment intellectual property financing and settlement fully on-chain. The global K-pop entertainment company made the announcement Thursday UTC.

The initiative is being rolled out through Wavyst, Day1Dream's in-house content RWA platform. With the debut of '$CNTNT', Wavyst is activating a two-track lineup. One track covers K-pop performance IP via '$CNCRT'. The other covers video content IP via '$CNTNT'. Drama and performance rights are now investable as blockchain-based products.

In this first '$CNTNT' project, the underlying asset is a short-form drama IP. Day1Dream said the structure tests not only tokenizing content rights but executing the full lifecycle – fundraising, capital deployment into production, and revenue settlement – using on-chain records and automated processes. The company said it will disclose additional details on the specific title and product alongside the formal '$CNTNT' product release.

Wavyst has already completed one cycle. Wavyst previously completed an end-to-end issuance and redemption cycle for '$CNCRT', a tokenized security backed by K-pop concert IP. According to the company, that product was issued to overseas institutional investors under U.S. securities law. The tokens were permanently burned on-chain after maturity, preventing secondary redistribution.

Day1Dream is positioning '$CNCRT' as proof that performance IP can support the full securities issuance-to-redemption cycle. The company describes '$CNTNT' as the next validation layer – testing whether video content IP can support on-chain production financing and real-world revenue distribution. The shift from concerts to filmed content broadens Wavyst's RWA lineup from single products to sector-based offerings.

The project is built in partnership with Conex, a layer-1 blockchain network that will host the product and provide infrastructure support, including its base network asset, CONX. Day1Dream said funding for the first '$CNTNT' project is being allocated from the Conex ecosystem fund through a governance process. Both financing and repayment will execute on the Conex mainnet. Conex counts participants such as Com2uS Holdings, Google Cloud, LayerZero, and Animoca Brands. It has been expanding its positioning as an infrastructure layer connecting the content industry with digital finance.

Short-form drama was selected in part because its condensed production and monetization timeline makes it easier to observe how on-chain cash flows perform under real revenue conditions. After validating the settlement cycle, Day1Dream said it plans to expand underlying assets into longer-form IP such as serialized dramas and films, scaling product sizes over time.

The company also outlined a broader roadmap for tokenized content sectors. Beyond '$CNCRT' and '$CNTNT', Day1Dream said it plans to introduce an '$ARTIST' sector. That sector would tokenize artist-related IP including management and albums. The company described it as building a platform capable of exporting K-content exposure to global capital markets through sector-by-sector product offerings.

“We completed an on-chain full cycle from issuance to redemption with '$CNCRT', and with the launch of the first '$CNTNT' project, Wavyst’s content-sector RWA lineup is now operating in earnest,” Day1Dream CTO Lee Min-jun said in a statement. He added that the company intends to continue expanding into the '$ARTIST' sector as K-content RWAs onboard into the Conex ecosystem.

If the model proves repeatable, the initiative could serve as a reference point for how tokenization applies beyond traditional RWAs – not merely representing rights on-chain but also standardizing funding and settlement processes for entertainment IP in a way that may appeal to both web3-native ecosystems and institutional structures seeking auditable, rules-based cash-flow rails.