Story signs strategic partnership with Web3 entertainment firm WITCH… to build a K-culture-based RWA platform

Story (Story·IP), an intellectual property (IP) blockchain infrastructure company, said on the 5th that it has signed a strategic partnership with Web3 entertainment company WITCH.

Under the partnership, the two companies plan to expand WAVIST, a real-world asset tokenization (RWA) marketplace operated by WITCH, into a global K-culture RWA platform, built on Story’s programmable IP infrastructure.

WAVIST is a regulated RWA platform designed to tokenize entertainment IP—such as live events and visual storytelling—that generates real revenue, enabling participation by global investors. Previously, in collaboration with Singapore’s SBI Digital Markets (SBI DM) and Kyobo Life Insurance, it sold out an initial K-pop STO (security token) product worth a total of $3.22 million (about KRW 4.5 billion), demonstrating its issuance and distribution capabilities under a compliance-first framework.

Under the collaboration, WAVIST will tokenize K-culture assets on Story’s layer-1 (L1) blockchain. It will also serve as a leading “global launchpad” within the Story ecosystem for issuing and distributing K-content assets, including live entertainment and visual storytelling.

Through this, WAVIST is expected to serve as a gateway for global investors and institutions to participate in K-culture-based IP assets. The K-content industry currently generates fandom of around 225 million people worldwide and annual revenue of more than $115 billion, and the two companies plan to broaden market access through tokenization.

Lee Seung-yoon, CEO of Story, said, “IP has long been one of the most valuable asset classes globally, and also one of the least accessible,” adding, “Our partnership with WITCH demonstrates that programmable IP infrastructure can convert complex rights structures and revenue flows into more transparent, investable financial assets.” He continued, “By linking tokenized IP to a globally compliant payment and settlement layer, we will expand access for institutions and investors to a market that has been opaque and burdened by high barriers to entry.”

Lee Min-jun, CEO of WITCH, said, “Based on our experience in building K-culture RWA business primarily in Korea, we plan to establish positioning that can be accepted in the global market in earnest through this collaboration with Story,” adding, “Leveraging Story’s infrastructure, we will grow WAVIST into a global K-culture RWA platform that investors around the world can trust and participate in.”