The Modhaus agency has revealed a pioneering initiative to compensate its artists, including Triple K-Pop, Artms and Idntt, partly in cryptocurrency such as Bitcoin or Ether.
The announcement was made during the participation of the Agency in Token 2049 Singapore, where Baek Kwang-Hyun, vice-president and co-founder of Modhaus, presented the plan to integrate the digital currency payments in the company’s existing blockchain platform, Cosmo.
The proposed system will allow artists to receive a part of theirs earnings directly in cryptocurrency. Modhaus aims to offer his practical talented experience with Blockchain technology while encouraging intelligent investments.
“We intend to let our artists experience the Blockchain system, which constitutes the core of the Modhaus Cosmo platform and will offer them the opportunity to make intelligent investments. This income distribution system, being introduced to the global entertainment sector for the first time, will serve as a model for the next web3 age,” said Baek, stressing that the implementation will involve the open discussions with the artists face their infections and their concerns.
Based on this new model, the proceeds of the artists from the sale of digital goodsKnown as Objekts, or photographic cards that combine real and digital elements, will be converted into cryptocurrency immediately at the time of the sale. These objekts are purchased, archived and exchanged within the Cosmo ecosystem and have become a significant flow of revenue for Modhaus. Real -time conversion is designed to simplify the sharing of revenue and improve transparency through intelligent contracts incorporated into the blockchain.
Modhaus believes that crytographic compensation will provide faster transactions and without borders and reduced commissions than traditional banking systems, in particular for artists who earn international entrances. The Agency states that this approach could eliminate delays and general currency exchange expenses, allowing artists to access their funds promptly and directly. To mitigate the risks associated with market volatility and tax implications, Modhaus has committed himself to providing financial assistance and support, ensuring that his artists can navigate price fluctuations responsible.
The largest industry is observing closely while Modhaus tries to fill entertainment and decentralize finance. In case of success, this initiative can encourage other labels and agencies to explore compensation models based on blockchain. Critics, however, warn that volatile cryptocurrency markets could exhibit artists to sudden value oscillations, underlining the need for solid financial guarantees.
By positioning himself at the forefront of web3 innovation, Modhaus aims to establish a new standard for the involvement and compensation of artists in the entertainment sector. While Blockchain continues to remodel the interactions of fan-artists through platforms like Cosmos, the Modhaus adventure in Crypto Payments marks a significant step towards the redefinition of how entertainers are rewarded in an increasingly digital world.
