Modhaus, a South Korean blockchain-based Ok-pop startup, has raised $8 million in its collection A funding spherical led by Sfermion, a U.S. enterprise capital, to gas its development to introduce extra blockchain-based use circumstances within the Korean leisure world.
The corporate mentioned in a press release shared with The Block that the funding spherical was additionally participated by traders together with SM Tradition Companions, Laguna Funding, KDDI Open Innovation Fund III and Foresight Ventures.
Based in December 2021, Modhaus has shaped tripleS — a Ok-pop lady group that has over 1.74 million subscribers on YouTube — by its non-fungible token voting system. On Modhaus’ COSMO app, followers can buy NFT photocards, which then depend as voting tokens.
“By accumulating NFT-format photocards of their favourite idol members, followers obtain utility tokens that allow them to take part in choices associated to group operations, such because the actions of members, title songs, album jacket photograph shoots, and deciding on town for these actions,” Modhaus mentioned within the assertion.
Jaden Jeong, CEO and co-founder of Modhaus, mentioned that Ok-pop followers typically possess eager insights. “With their sharp eyes for expertise and trendspotting, we purpose to boost artist worth by amplified fan involvement,” he added.
“Simply as media and streaming have reworked the music business, it’s anticipated that web3 would be the subsequent sport changer for the music business,” Simon Kim, CEO and Managing Companion of Hashed, which invested in and incubated Modhaus, mentioned.
GD Kim, COO of UNOPND, a enterprise division of Hashed, informed The Block that almost 130,000 devoted Ok-pop followers have purchased 1.2 million digital photograph playing cards on COSMO since its launch. “Modhaus has demonstrated a primary instance of driving mass adoption of blockchain expertise within the leisure business,” Kim mentioned.
Ok-pop embracing Web3, NFTs
Ok-pop, the Korean music style, has swept the world by storm over the previous few years, with main Korean music labels saying plans to make forays into the NFT and metaverse house.
HYBE — the biggest Ok-pop company that manages well-liked Ok-pop acts similar to BTS, SEVENTEEN and NewJeans — launched its NFT platform Momentica in October 2022 in partnership with Korean blockchain agency Dunamu.
Simply final month, Momentica rolled out an NFT assortment that includes movies and images of SEVENTEEN when the 13-member group launched their new album Seventeenth Heaven. Momentica has to this point attracted over 90,200 followers to purchase SEVENTEEN NFTs on its app, in keeping with the gathering web page on the platform.
