Modhaus Raises $8 Million in Series A Funding
Modhaus, a South Korean blockchain-based K-pop startup, has secured $8 million in its series A funding round led by Sfermion, a U.S. venture capital firm. The funding aims to drive the company’s expansion and introduce more blockchain-based use cases in the Korean entertainment industry.
The funding round also saw participation from investors including SM Culture Partners, Laguna Investment, KDDI Open Innovation Fund III, and Foresight Ventures. Modhaus was established in December 2021 and has created tripleS, a K-pop girl group with over 1.74 million subscribers on YouTube through its NFT voting system.
On Modhaus’ COSMO app, fans can purchase NFT photocards, which serve as voting tokens for various decisions related to group operations. The CEO of Modhaus, Jaden Jeong, expressed the company’s goal to enhance artist value through increased fan involvement.
Simon Kim, CEO and Managing Partner of Hashed, believes that web3 will be the next game-changer for the music industry. GD Kim, COO of UNOPND, stated that nearly 130,000 dedicated K-pop fans have bought 1.2 million digital photo cards on COSMO since its launch.
K-pop Embracing Web3 and NFTs
K-pop has gained global popularity in recent years, with major Korean music labels venturing into the NFT and metaverse space. HYBE, the largest K-pop agency managing acts such as BTS and SEVENTEEN, launched its NFT platform Momentica in partnership with Korean blockchain firm Dunamu. Momentica recently introduced an NFT collection featuring videos and photos of SEVENTEEN during the release of their new album Seventeenth Heaven.
Hot Take: The Rise of Blockchain-Based K-Pop Startups
The intersection of K-pop and blockchain technology is paving the way for innovative ways to engage fans and empower them to participate in decision-making processes within the industry. With companies like Modhaus securing significant funding to drive their growth and establish unique use cases for blockchain technology in entertainment, it’s clear that web3 is poised to revolutionize the music industry by leveraging NFTs and fan involvement.
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