Can you put K-Pop on the blockchain? South Korean startup Modhaus is trying, and now it has an $8m Series A funding round to further its ambitions.
The company is behind a group called tripleS, and a fan-community app called Cosmo. As news site The Block explained, fans buy ‘NFT photocards’ of their favourite members, which they can then use to vote on various aspects of the group’s releases, marketing and other career decisions.
According to the article, nearly 130,000 fans have bought 1.2m of the photocards since the project went live.
“Modhaus will expand the role of fans from mere consumers to decision making producers,” is how the startup described its plans in a blog post earlier this year.
“Fans have proven time and again that they are more than consumers. Far from that, they are talented, passionate, and loyal producers.”
US venture capital firm Sfermion led the round, with SM Culture Partners, Laguna Investment, KDDI Open Innovation Fund III and Foresight Ventures also investing.