Modhaus has announced plans to pay its label artists in cryptocurrency.
During the agency's recent participation at 'TOKEN 2049 Singapore', Baek Kwang Hyun, vice president of Modhaus, unveiled plans for the company to partially pay its artists in cryptocurrency such as Bitcoin or Ether.
Baek Kwang Hyun remarked, "We intend to let our artists experience hands-on the blockchain system which forms the core of the Modhaus platform COSMO, and offer them the opportunity to make smart investments. This income distribution system, being introduced to the global entertainment industry for the first time, will serve as a model for the coming age of Web3." The agency stressed that this system will be put in place through open discussions with the artists.
Modhaus artists are known for their unique digital merchandise known as Objekts, or photo cards combining real and digital elements and purchased, stored, and exchanged within COSMO. Earnings from the sale of Objekts are converted to profit and income for the artists immediately, according to Modhaus.
Meanwhile, Modhaus is home to K-Pop groups including tripleS, ARTMS, and idntt.
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