South Korean Web3 K-pop agency Modhaus completes $8 million Series A funding.

BlockBeats News, on November 14th, Korean blockchain-based K-pop startup Modhaus announced the completion of an $8 million Series A funding round. The round was led by US venture capital firm Sfermion, with participation from SM Culture Partners, Laguna Investment, KDDI Open Innovation Fund III, and Foresight Ventures. Founded in December 2021, Modhaus has assembled the K-pop girl group tripleS through its non-fungible token (NFT) voting system, which has over 1.74 million subscribers on YouTube. On Modhaus' COSMO app, fans can purchase NFT photo cards, which can be used as voting tokens. Modhaus stated that by collecting NFT-format photo cards of their favorite idol members, fans can receive utility tokens and participate in group-related decision-making such as member activities, lead songs, and album cover shooting locations. Modhaus aims to introduce more blockchain-based applications in the Korean entertainment industry.