Here’s a fusion you weren’t expecting: cryptocurrency and Korean pop culture. Yet, entertainment company Modhaus aims to elevate Kpop with the power of blockchain. According to its Medium page, it hopes to significantly boost engagement and transparency by letting fans vote on their favorite groups’ developments.
More groups in other countries use blockchain technology to promote their cultures worldwide. For example, the Kandama NFT collection promotes the indigenous Ifugao weaves of the Philippines. Soon, your country may launch a similar project. This report is even more interesting if you’re a K-pop enthusiast because it shows where the industry is headed.
This article will discuss how the blockchain is promoting Korean pop idols. Later, I will elaborate on the Polygon blockchain to further explain how this unique fusion works.
How does a “crypto Kpop” group work?
Let’s explore this concept by discussing Modhaus, the “world’s first Open Architecture Entertainment company.” The “Open Architecture” term refers to its unique fan engagement options.
It understands that Kpop became a global success because of its fans. Modhaus says the industry gained more than a million fans before the pandemic.
Nowadays, it is an $8 billion market that continues to grow. However, Modhaus claims, “Fans still feel used as mere pawns of consumption with little to no chances to participate in the decision-making process of their artists.”
The company cited a famous Korean idol program’s voting fraud scandal as an example. It allegedly advertised fans would determine the members of a group’s debut.
Unfortunately, Modhaus said it was rigged, much to the utter disbelief and shock of the fans. In contrast, this entertainment firm doesn’t treat enthusiasts as “mere consumers.”
Instead, they want fans to have greater participation in their favorite group’s activities. That is why Modhaus used the blockchain, the decentralized computer network that powers cryptocurrencies.
Specifically, the company used the Polygon blockchain. It hosted a vote for its Kpop girl group TripleS. Fans decided the title track for the group’s “ASSEMBLE” album in its “Gravity” voting event.
You may also like: Sega reconsiders “boring” blockchain games
The latter occurred on the TripleS official app, “Cosmo: The Origin.” Fans voted with COMO, a digital currency earned from exclusive NFT photo cards called “objeckts.”
They received only one COMO per objeckt. Then, Polygon Labs, Hashed, and Near Protocol-backed Ramper stores votes. Also, COMO tokens are governance tokens, enabling fans to vote on the network’s future activities.
As a result, fans are part of their favorite Kpop group’s development, turning them into “decision-making producers.” Soon, other artists may use a similar system as blockchain and other technologies become more prevalent worldwide.
How does Polygon work?
Photo Credit: forbes.com
It’s difficult to understand the crypto Kpop system if you don’t know about blockchain. That’s why I will briefly discuss it. As mentioned, it’s the decentralized computer network that enables cryptocurrencies.
You may recognize crypto as Bitcoin, the first cryptocurrency and the largest in the world. Its founder, Satoshi Nakamoto, envisioned a world that uses Bitcoin instead of the traditional banking system.
Eventually, crypto became popular, causing many worldwide to create new digital currencies. Polygon was one of them, made by Anurag Arjun, Sandeep Nailwal, and Jaynti Kanani.
They wanted to enable the second-largest cryptocurrency, Ethereum, to grow faster than ever by handling transactions outside ETH. Then, it would return them to the Ethereum chain.
The previous version allowed sidechains, networks that link to a larger one called a main chain. However, it gained significant upgrades as time passed.
Polygon sidechains became stand-alone chains, independent networks suitable for businesses. Also, that blockchain gained secured or Layer 2 chains.
You may also like: Ophir crypto raises funds for PH churches
The Ethereum network secured these, providing greater protection than stand-alone chains. More importantly, Polygon’s MATIC token made it faster and cheaper to purchase and mint NFTs.
Non-fungible tokens record ownership of physical and digital goods on a blockchain. For example, the crypto Kpop photo cards are NFTs bound to a COMO token.
That token proves the buyer owns that card. Also, the COMO is a governance utility token, meaning it grants holders the privilege to vote on the network. Thus, fans can vote on what TripleS will do next.
Conclusion
Recent technological advancements have caused an unlikely fusion between Kpop and blockchains. Modhaus is the first, but we will likely see other similar systems in the future.
After all, more countries acknowledge the power of technology in preserving and promoting traditions. For example, the Philippines uses Starlink to inform the world about Mindanao’s Blaan Tribe.
You should learn more about the most recent innovations to understand their potential. Check out the latest digital tips and trends at Inquirer Tech.