Modhaus, a South Korean Web3 project focused on promoting K-pop artists, has successfully closed its Series A funding round, raising $8 million. The main investor for this round was American venture company Sfermion, with participation from SM Culture Partners, Laguna Investment, KDDI Open Innovation Fund III, and Foresight Ventures. Modhaus positions itself as an «entertainment Web3 agency.» Its main platform, Cosmo, utilizes blockchain technology and allows users to purchase digital images of K-pop groups or individual artists. Founded in December 2021 under the management of Hashed, the platform has garnered approximately 130,000 users who have bought 1.2 million cards since its launch.

Jaden Jong, the co-founder of Modhaus, emphasized that K-pop fans have a keen insight that aids in tracking major trends. In November 2022, Modhaus and the metaverse platform The Sandbox joined forces to create a K-pop-centered hub for fan interaction within the digital world. The main participants in this initiative are the 24-member female group tripleS. As part of the partnership, the Korean startup released several related non-fungible tokens (NFTs), including avatars and various digital collectibles for The Sandbox.

It is worth noting that in July, Snoop Dogg and a16z also supported the musical Web3 company Sound with a $20 million funding round. The project aims to create a new business model for musicians that diverges from traditional streaming services by transforming songs into NFTs.