Modhaus, a South Korean startup that incorporates blockchain technology into the K-pop industry, has secured $8M in its SeriesA funding. The funding, led by Sfermion, a U.S. venture capital firm, marks a significant milestone for the company.
Notably,this financial injection is intended to propel Modhaus toward expanding its blockchain-based applications within the Korean entertainment sector. The strategic investment from Sfermion underscores the increasing interest and support for innovative technologies in the dynamic K-pop industry landscape.
Furthermore, in an official statement, the company revealed that the Series A funding round also saw active participation from investors.
Notable contributors include SM Culture Partners, Laguna Investment, KDDI Open Innovation Fund III, and Foresight Ventures. This diverse group of investors signifies broad support for Modhaus and highlights the company’s appeal across various sectors.
Modhaus Revolutionizing K-Pop Engagement Through NFTs and Web3 Innovations
Established in December 2021, Modhaus gained recognition for creating tripleS, a K-pop girl group with over 1.74 million YouTube subscribers. Interestingly, this group was formed using Modhaus’ innovative non-fungible token (NFT) voting system.
Additionally, Modhaus’ COSMO app lets fans acquire NFT photocards, serving as voting tokens for a unique and interactive group engagement.
“By acquiring NFT-format photocards of their beloved idol members, fans receive utility tokens that grant them involvement in decisions related to group activities, including member activities, title songs, album jacket photoshoots, and the selection of activity locations.”
Jaden Jeong, Modhaus’ CEO and co-founder, expressed the belief that K-pop enthusiasts possess astute insights. He stated;
“With their discerning eyes for talent and trendspotting, we aim to elevate artist value through increased fan engagement.”
Subsequently, Simon Kim, CEO and Managing Partner of Hashed, an entity that invested in and nurtured Modhaus, asserted;
“Just as media and streaming revolutionized the music industry, it is anticipated that web3 will be the next game-changer for the music industry.”
UNOPND COO GD Kim noted that COSMO has seen 130,000 K-pop enthusiasts acquiring 1.2 million digital photocards since launch. Kim commended Modhaus for exemplifying successful mass adoption of blockchain technology within the entertainment sector.
K-Pop’s Evolution: NFTs and the Metaverse Take Center Stage with HYBE and Momentica
The K-pop phenomenon, which has captivated global audiences in recent years, is witnessing major Korean music labels embracing the realms of non-fungible tokens (NFTs) and the metaverse.
However, HYBE, the largest K-pop agency, oversees renowned acts like BTS, SEVENTEEN, and NewJeans. In October 2022, it introduced its NFT platform, Momentica, in collaboration with the Korean blockchain firm Dunamu.
Momentica launched an NFT collection showcasing SEVENTEEN’s videos and photos alongside their new album, Seventeenth Heaven.
The platform has achieved notable success, enticing over 90,200 fans to participate in purchasing SEVENTEEN NFTs through its application. This information is available on the collection page of the platform, highlighting the enthusiastic engagement of the fanbase with the exclusive NFT content.