How LABEL Foundation’s NFT Infrastructure Will Take the Entertainment Industry to the Next Phase
For far too long, big corporations have dominated the entertainment industry by maintaining total control over consumers and content creators. Blockchain, the technology that powers cryptocurrencies, and NFTs have opened a door to turning that model on its head and empowering fans and artists.
This transformation process is still in its early stages, but could be a major leap forward in 2022 as content creators around the world begin to learn about NFTs and their potential to engage them with their audiences. These digital assets allow fans to experience new experiences and provide artists with a direct income stream; with an easy method to earn money from their work.
The LABEL Foundation and the Ethereum-based infrastructure LABEL, backed by two of South Korea’s foremost companies in systematic music education, CLESSON and OPENTRACK, look poised to become a relevant part of this digital revolution. Created to completely remove all third parties for content creators and their fans, LABEL has the tools to take the entertainment industry into the future.
Including its own native NFT marketplace that allows content creators to digitize their work in the form of these assets, and an incubation platform to receive funding from the community. In this sense, the distribution, promotion and financial support of large corporate intellectual property (IP) has fallen directly into the hands of content creators and LBL holders.
The latter is LABEL’s native token that acts as the backbone of its governance model, managed by the platform’s Decentralized Autonomous Organization (DAO). The voting system gives users a voice on the proposals that will influence the future of LABEL.
A multi-chain vision, how LABEL will disrupt entertainment
The LABEL Foundation and its platform believe in making the entertainment industry more open, transparent and fair for content creators. Unlike its older counterparts, LABEL is built around its community and builds a transparent profit-sharing ecosystem. According to the team behind the project:
LABEL provides a decentralized P2P incubation platform to invest in world-class entertainment educational content through the DAO voting system, allowing contributors to claim profits through the NFT shareholder mechanism.
The growth of the blockchain-based ecosystem has been tremendous in recent years as more users demand transparent and decentralized services. The LABEL Foundation understands that the crypto industry is moving towards a cross-chain ecosystem to provide users with greater accessibility and interoperable functionalities.
In this sense, they have recently reaffirmed their commitment to bring LABEL and its infrastructure to other networks. The Foundation consolidated a partnership with Ankr to leverage their nodes, and with Curvegrid to provide LABEL with their multi-business-as-a-service (BaaS) middleware.
Expanding the cross-chain capabilities will allow more users to board the platform and take advantage of its features. This brings the entertainment revolution closer.
LABEL, which NFTs need another wave of adoption?
LABEL has seen impressive growth despite the current bearish price action in the crypto market. The LABEL Foundation has announced more partnerships as it expands to achieve its goals, its native token LBL has seen an explosion of interest as evidenced by its 4,600% increase since its launch on crypto exchanges.
In addition, OPENTRACK, the platform that provides most of the IP for LABEL, has released version 2.0. Now the platform has improved its features by integrating it with NFTs. That way, artists can bring their content to the platform as digital assets.
The LABEL Foundation also announced the successful fundraising of $1 million in a private sale. The project has received support from some of the most relevant venture capitalists and institutions within the crypto space, such as HG Ventures, Mindfulness Capital, M6, IOST, Adaptative, Icetea Labs, Alphabit, Pragma and others.
Simon Jeung, co-founder of HG Ventures, the leading investor in the LABEL Foundation, said:
We believe that NFTs definitely need the next level of adoption, and the musicians, artists and other content creators who were previously barred from their legitimate profits will now be able to protect their legitimate IP rights in the most innovative NFT infrastructure platform (LABEL).