South Korean web3 K-pop agency Modhaus raises $8 million in Series A round
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 instances within the Korean leisure world.
The corporate stated in an announcement 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 woman group that has over 1.74 million subscribers on YouTube — by way of its non-fungible token voting system. On Modhaus’ COSMO app, followers should buy NFT photocards, which then rely 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 stated within the assertion.
Jaden Jeong, CEO and co-founder of Modhaus, stated that Ok-pop followers typically possess eager insights. “With their sharp eyes for expertise and trendspotting, we purpose to reinforce artist worth by way of amplified fan involvement,” he added.
“Simply as media and streaming have remodeled the music trade, it’s anticipated that web3 would be the subsequent sport changer for the music trade,” Simon Kim, CEO and Managing Associate of Hashed, which invested in and incubated Modhaus, stated.
GD Kim, COO of UNOPND, a enterprise division of Hashed, informed The Block that just about 130,000 devoted Ok-pop followers have purchased 1.2 million digital photograph playing cards on COSMO since its launch. “Modhaus has demonstrated a first-rate instance of driving mass adoption of blockchain expertise within the leisure trade,” Kim stated.
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 asserting plans to make forays into the NFT and metaverse house.
HYBE — the most important Ok-pop company that manages widespread Ok-pop acts equivalent 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 thus far attracted over 90,200 followers to purchase SEVENTEEN NFTs on its app, in response to the gathering web page on the platform.
