Source: Pixabay
A South Korean blockchain-based K-pop start-up has actually raised $8 million in its series A financing round.
Modhaus revealed in a declaration today that the series A financing round has actually pressed their overall fundraising to $12 million total. The financing round was led by U.S. financial investment company Sfermion, and consisted of involvement from other financiers such as SM Culture Partners, Laguna Investment, KDDI Open Innovation Fund III and Foresight Ventures.
Modhaus is set on incorporating extra blockchain-based applications into the Korean show business. Developed in December 2021, Modhaus was the developer of tripleS, a K-pop lady group boasting over 1.74 million YouTube customers, leveraging its non-fungible token (NFT) ballot system. Through Modhaus’ COSMO app, fans have the chance to purchase NFT photocards, with these purchases acting as voting tokens in assistance of the group.
TripleS has actually launched 5 albums which have actually offered 170,000 combined copies, and just recently made an election for “Best New Female Artist” at the 2023 MAMA Awards.
“With their [fans] sharp eyes for skill and trendspotting, we intend to boost artist worth through enhanced fan participation,” stated Jaden Jeong, CEO and co-founder of Modhaus.
By gathering NFT photocards of K-pop group members on Modhaus’ COSMO platform, fans can get tokens that permit them to choose choices associated with group operations, such as member activities, tune titles, and picking the areas for album cover image shoots.
GD Kim, COO of UNOPND, an endeavor department connected with Hashed, shown The Block that around 130,000 K-pop lovers have actually obtained 1.2 million digital picture cards on COSMO given that its creation.
“Modhaus has actually shown a prime example of driving mass adoption of blockchain innovation in the show business,” Kim stated.
Modhaus stated in its declaration that it prepares to broaden Cosmo into a K-pop equivalent of LinkedIn or Kickstarter, where “fans can get in touch with artists and actively add to their preferred idol groups’ success.”
[The new] financial investment symbolizes more than simply sponsorship; it’s an endeavor into blending the energetic world of K-pop with the extensive story of the metaverse, stated Dan Patterson, basic partner at Sfermion. “We […] check out the merging of Kpop’s beauty with the limitless chances of the immersive web.”
Numerous K-pop labels have actually just recently revealed strategies to get in the NFT and metaverse area.
In October 2022, HYBE, the biggest K-pop company that handles BTS, SEVENTEEN, and NewJeans, presented its NFT platform Momentica in cooperation with the Korean blockchain company Dunamu.
Last month, Momentica revealed an NFT collection showcasing videos and pictures of SEVENTEEN accompanying the release of their brand-new album, Seventeenth Heaven. Over 90,200 fans have actually bought SEVENTEEN NFTs, as reported on the collection page.
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