For far too long big corporations have dominated the entertainment industry by keeping total control over consumers and content creators. Blockchain, the technology that powers cryptocurrencies, and NFTs have opened a door to turn that model upside down and place power on fans and artists.
This transformation process is at an early stage but could be a great leap forward in 2022 as content creators from all over the world begin to take note of NFTs and their potential to connect them with their audiences. These digital assets let fans live new experiences and provide artists with a direct income stream; with a straightforward method to monetize their work.
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The LABEL Foundation and the Ethereum-based infrastructure LABEL, backed by two of South Korea’s most prominent companies in systematic music education, CLESSON and OPENTRACK, seem poised to be a relevant piece of this digital revolution. Created to completely remove any 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 Market that lets content creators digitize their work in the form of these assets, and an incubation platform to receive funds from the community. In that sense, Intellectual Property (IP) distribution, promotion, and financial support have moved from big companies directly into the hands of content creators and LBL holders.
The latter is LABEL’s native token which operates as the backbone of its governance model, run by the platform’s Decentralized Autonomous Organization (DAO). Its voting system gives the users a voice over the proposals that will impact LABEL’s future.
A Multichain 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 legacy counterparts, LABEL is built around its community, and it’s building a transparent profit-sharing ecosystem. According to the team behind the project:
LABEL provides a decentralized P2P incubating platform to invest in world-class entertainment-education content through the DAO voting system to further allow contributors to claim profits through the NFT shareholding mechanism.
The growth in the blockchain-based ecosystem has been massive in past years, as more users demand transparent and decentralized services. The LABEL Foundation understands that the crypto industry is heading for a cross-chain ecosystem to provide users with more accessibility and interoperable functionalities.
In that sense, they have recently reconfirmed their commitment to take 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.
By expanding its cross-chain capabilities, more users will be able to onboard the platform and benefit from its features. Thus, bringing the revolution of entertainment closer.
LABEL, What NFTs Need To Usher A New Wave Of Adoption?
LABEL has seen impressive growth, despite the current bearish price action across the crypto market. The LABEL Foundation has announced more partnerships as it expands to achieve its objectives, its native token LBL has seen an explosion of interest as demonstrated by its 4,600% increase since launched on crypto exchanges.
In addition, OPENTRACK, the platform that provides a majority of the IP for LABEL released its version 2.0. Now, the platform has improved on its features by integrating it with NFTs. In that way, artists can bring their content as this digital assets into the platform.
The LABEL Foundation also announced the successful raise of $1 million in a private sale round. The project 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, a co-founder at HG Ventures, the leading investor in the LABEL Foundation, said:
We believe that NFTs will definitely need the next level of adoption, and the musicians, artists and other content creators that were previously restrained from their legitimate profits will now be able to protect their rightful IP rights in the most innovative NFT infrastructure platform (LABEL).