Modehouse Unveils Blockchain-Based Artist Compensation Model at TOKEN 2049 Singapore

Modehouse showcased its revolutionary plan to integrate cryptocurrency into artist payments at the TOKEN 2049 Singapore event on October 1. The brand, known for bridging physical and digital entertainment experiences, plans to partially compensate artists, including those under its subsidiary “idntt,” using Bitcoin (BTC) and Ethereum (ETH), as announced on October 2.

Introducing Objekt: Fusing Fan Experiences with Digital Innovation

Modehouse has been at the forefront of merging traditional entertainment with digital technology. One of its key innovations is the introduction of functional photocards known as "Objekt." These collectible cards, designed to reshape fan engagement, are available through the company’s official “COSMO” app. Fans can store, trade, and exchange these cards, creating dynamic and interactive experiences within the entertainment ecosystem.

Artist Compensation Powered by Blockchain Technology

The financial model behind Objekt marks a significant step forward in how artists are compensated. Modehouse has developed a system where revenue generated from Objekt sales is meticulously tracked and separated to ensure transparent financial settlements for its artists. Within this framework, artists will receive partial payments in Bitcoin (BTC) or Ethereum (ETH), governed by pre-established agreements between the company and the performers.

This blockchain-powered payment system underscores the company’s vision for a future where artists can benefit from decentralized transparency in financial matters. By sharing profits in cryptocurrency, Modehouse aims to empower artists with greater financial autonomy and investment opportunities aligned with cutting-edge Web3 trends.

Redefining the Entertainment Industry with Web3 Integration

Modehouse has been pioneering the development of an “open architecture entertainment platform” since its inception. This groundbreaking approach seeks to blend Web3 technologies into the traditional idol and entertainment industry. Traditional models often place decision-making power with agencies, creating a one-way communication structure. Modehouse is challenging this status quo by incorporating interactive models that enable fans to directly contribute to the creative processes behind artist development and content creation.

Baek Kwang-hyun, Vice President of Modehouse, shared the company’s ambitious vision during TOKEN 2049 Singapore. He stated, “We aim to provide artists under Modehouse’s COSMO platform an opportunity to directly experience blockchain systems and make informed investment decisions.” Emphasizing its transformative potential, Baek added, “This artist compensation model serves as a groundbreaking settlement system for the global entertainment industry and positions us to adapt to the upcoming Web3 era effectively.”

Driving Innovation in Artist-Fan Engagement

Modehouse’s decision to adopt blockchain technology sets a new standard for digital innovation in the entertainment industry. The implementation of cryptocurrency-based artist compensation systems underscores a shift toward greater transparency, empowerment, and adaptability in the global music and entertainment sectors. Moreover, features like Objekt and the COSMO platform redefine how fans and artists interact, encouraging meaningful connections and personalized engagement.

With its forward-thinking strategies, Modehouse not only amplifies productivity in artist compensation but also positions itself as a leader in embracing Web3 technologies. This convergence of blockchain systems with entertainment promises to drive innovation, facilitate global scalability, and inspire transformations in how artists and fans interact in the digital era.

As Modehouse continues to push boundaries in the entertainment industry, its efforts exemplify the expansive possibilities of combining blockchain technology with creative endeavors. Through initiatives that champion artist empowerment and fan interaction, the company is inspiring a new wave of advancements in entertainment ecosystems worldwide.