'Rookie of the Year' TripleS, Idols Born from Blockchain [K-Changers](20)

Blockchain-Based Mobile Platform 'Cosmo' Operation
Platform Allowing Fans to Directly Participate in Idol Activities
Featuring In-House Artists TripleS and Artemis

Blockchain, idols, startups, Cheongdam-dong office. A combination that seems unlikely to fit together has come together. This is the story of 'Modehouse,' an entertainment agency and Web 3.0 platform startup. Web 3.0 refers to the third generation of the internet, which provides personalized information and individualizes data ownership based on artificial intelligence and blockchain. A representative example is the NFL (Non-Fungible Token), and Modehouse is a company utilizing this technology.

The complete lineup of TripleS, the '24-member girl group' with 16 members revealed so far [Photo provided by Modehouse]

Founded in 2021, Modehouse offers the mobile app 'COSMO.' It is a platform where fans can participate in the entire idol production process using NFT tokens. Currently, the girl groups 'TripleS' and 'Artemis,' who are artists under the company, are active on this platform. Results are gradually emerging. TripleS, who debuted this year, has released five albums, selling around 200,000 copies in total. They received the 'Best New Female Artist' award at the ‘2023 MAMA AWARDS’ held on the 29th, gaining attention as a promising rookie. They are especially popular overseas. Thanks to this, they conducted a 'U.S. tour' in September, visiting nine cities including New York and LA. Recognizing these achievements, Modehouse recently secured $8 million (about 10 billion KRW) in Series A funding from investors in the U.S., Japan, Singapore, and Korea.

Fans Who Purchased Digital 'Poca' Worth 30 Million KRW

Jung Byung-ki, CEO of Modehouse (right), and Baek Kwang-hyun, Vice CEO [Photo by Modehouse]

When purchasing digital photo cards on COSMO, fans receive 'COMO,' an NFL token. Each costs $2.99. These tokens cannot be stored in virtual asset exchanges or personal wallets; they can only be used on this platform. With these tokens, fans can participate in votes to select title tracks, produce albums, and decide active members. Each token counts as one vote. TripleS is the largest girl group in K-pop history by number of members (24 members, with 16 revealed so far). Since they operate in 'units' (subgroups of members), deciding active members is a very important decision. Thanks to blockchain technology, the platform is free from 'manipulation controversies.' All voting records are recorded and transparently accessible to everyone.

Unlike typical entertainment companies, the sale of NFL tokens through photo cards is a core revenue source besides albums, concerts, and merchandise. Monthly sales from photo cards amount to about 250 million KRW. Over 1 million COMO tokens have been issued so far. By region, North America accounts for 40%, Asia 40%, and Europe and other regions 20%. There are also 'big spenders' who purchased 8,000 photo cards. Converted to money, this amounts to $23,920 (about 30.7 million KRW). Baek Kwang-hyun, Vice President of Modehouse, said, "Although it varies by voting category, total votes now exceed 100,000, so one or two big spenders cannot dominate. Fans often form alliances." COSMO also offers exclusive videos and live broadcasts as content.

Modehouse was co-founded by CEO Jung Byung-ki, who has over 10 years of experience in A&R (Artists & Repertoire ? planning and producing albums) at JYP Entertainment, Woollim Entertainment, and Sony Music Korea, and Vice President Baek Kwang-hyun, who has worked at Bain & Company, BrainMedic, and Naver subsidiary Playlist. From its inception, Modehouse has been connected to blockchain. The company that incubated Modehouse is 'Unopened,' a subsidiary of Hashed, a well-known company in the virtual asset industry. Hashed CEO Kim Seo-joon showed interest and decided to invest. Naver D2SF, CJ Investment, and FuturePlay have also been partners investing in Modehouse.

Settled in Cheongdam-dong to Reassure 'Parents'

TripleS's fourth unit, 'Evolution'. The fifth from the left is Kim Yooyeon, who gained attention for her background as a college student majoring in Science Education at Ewha Womans University.
[Photo by Modehouse]

Securing talent was the most important task to produce the unprecedented '24-member girl group' TripleS. This is not an easy task for a small, newly established entertainment company these days, as trainees generally dream of joining major entertainment companies. About half of TripleS members are trainees from existing entertainment companies, and around 30% come from audition programs. Kim Yoo-yeon, a member with a unique background as a student in the Department of Science Education at Ewha Womans University, is a representative audition program member. She is currently on leave. The rest were selected through 'street casting.'

To reassure the parents of artists who came to sign contracts with the 'new entertainment company,' the office was moved to Cheongdam-dong. The first office was originally near Gangnam Station. Cheongdam-dong was once called the 'Mecca of Entertainment' as SM Entertainment and JYP Entertainment established their bases there. Although major entertainment companies have all left, many entertainment companies still remain in Cheongdam-dong. The location itself provides a sense of trust. After moving to Cheongdam-dong, parents' suspicions such as 'Is this a strange place we've never heard of?' or 'Is this a trustworthy place?' have significantly diminished.

Modehouse has two major future goals. One is to expand the platform's influence by onboarding artists from other companies onto COSMO, and the other is to expand fans' decision-making authority. Modehouse currently has about 20 trainees. Vice President Baek Kwang-hyun said, "For platform expansion, many artists from outside must eventually join COSMO. If fans participate in rookie development, a fan base can be formed from the early stages of activities." Modehouse, which is still in the stage of growing its business based on investment funds, expects to break even around the end of next year if the current growth trend continues.