Modhaus’ Cosmos, Okay-Pop Fan Platform, Attracts Funding

Modhaus’ Cosmos, Okay-Pop Fan Platform, Attracts Funding

Modhaus, a Okay-pop platform embracing blockchain for fan engagement, has effectively raised over $8 million in a Sequence A funding spherical.

The funding was led by Sfermion, a U.S. enterprise capital company with expertise in metaverse and Web3 utilized sciences. Changing into a member of Sfermion had been distinguished patrons resembling SM Custom Companions, Laguna Funding, Globalbrain (KDDI), and Foresight Ventures.

This latest spherical pushes Modhaus’ full fundraising to $12 million. Earlier supporters embrace UNOPND, a enterprise division of Web3 VC Hashed, Naver D2SF, CJ Funding and Futureplay.

The company objectives to distinguish itself from typical leisure corporations by enabling followers to instantly have an effect on and elevate artists, reasonably than solely producing content material materials for passive consumption.
Its Cosmo platform permits followers to purchase digital photocards, which double up as voting tokens. These are backed by blockchain experience, which ensures clear voting, as every token used leaves a clear report on the blockchain.

It cites the trajectory of idol group tripleS for example of success by means of the platform. The band launched 5 albums, supplied 170,000 copies and earned a nomination for “Most interesting New Female Artist” on the 2023 MAMA Awards.

Cosmo empowers followers to actively participate in very important decisions related to idol group operations. Members from one different group Loona — Haseul, Heejin, Kim Lip, Jinsol, and Chuu — have simply currently come aboard beneath the banner ARTMS. After revealing the trio unit “Odd Eye Circle,” which was a sub-unit inside Loona, they’re gearing up for the group’s debut throughout the first half of 2024, following the solo actions of members “Haseul” and “Heejin.”

Furthermore, key decisions throughout the group’s actions, resembling group {photograph} shoot locations, the discharge of an English mannequin of the digital single album, and fandom establish, have been made by the use of followers’ votes.

“Okay-pop followers possess keen insights. With their sharp eyes for experience and trendspotting, we intention to strengthen artist price by the use of amplified fan involvement,” talked about Jaden Jung, CEO and co-founder of Modhaus.

“Superfans are rising as pivotal players throughout the music sphere. Strengthening the direct connection between followers and artists not solely elevates the fan experience however moreover introduces a model new stage of engagement,” talked about Joseph Baek, EVP and co-founder of Modhaus.

Modhaus plans to broaden Cosmo proper right into a Okay-pop equal of LinkedIn or Kickstarter. The model new funding will assist the expansion.

“We’re thrilled to help Modhaus, a platform that has innovatively bridged the Okay-pop fandom with every tangible and digital realms by the use of NFTs. [The new] funding signifies additional than merely financial backing; it’s a enterprise into melding the energetic world of Okay-pop with the expansive narrative of the metaverse. We […] uncover the convergence of Kpop’s attraction with the boundless options of the immersive net,” talked about Dan Patterson, fundamental affiliate at Sfermion.

“Merely as media and streaming have reworked the music commerce, it’s anticipated that web3 can be the following recreation changer for the music commerce. Modhaus is predicted to turn into a success story throughout the leisure commerce by efficiently adopting blockchain experience,” mentioned Simon Kim, CEO and managing affiliate at co-investor Hashed.


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