LABEL Foundation – NFT infrastructure set to Reform the Entertainment Industry in the Web 3.0

South Korean NFT Infrastructure Multichain Protocol — LABEL Foundation, the decentralized version of OPENTRACK is paving the way for a revolution in the entertainment/music industry by delivering its first renowned IPs to its NFT infrastructure platform by taking advantage of the numerous perks of Web 3.0 and implementing the blockchain technology into its system.

According to the team, they are set to do so by directing P2P investments to fund the prospective creators in a fully decentralized and permissionless manner. Moreover, LABEL Foundation is well on its way to achieving its goals as it had already raised 1 million USD from a successful investment round, led by the HG Ventures and supported by GBIC, Alphabit Fund, and many other strong institutional investors. Not only that, it got an additional investment from Solanium Ventures. Since their private round completion, LABEL Foundation has conducted the public sale through the Initial DEX Offering on PolkaFoundry and NFTb platforms, completing their public sale. This has been followed by the listing on the Decentralized AMM platform, PancakeSwap, where it saw the initial trading to reach a whopping %4,600 all-time-high. 

As per its whitepaper document, the LABEL Foundation aspires to eliminate the barriers built around the entertainment industry that makes artists bear the burden of intermediation. It intends to do so by shifting the entire structure back to the musician, artists, and all sorts of content creators. To LABEL, they are the savior to disrupt the industry’s standards.

LABEL Foundation says the bearish cryptocurrency market has not deterred them from their plans; rather, its business is seamlessly growing according to their blueprint. They attest to this through signing several strategic partnerships and have been receiving investment funds required for the growth of their business.

Of note, the OPENTRACK is an essential part of LABEL as it supplies all the content and IPs the platform needs. OPENTRACK recently released the 2.0 version of their platform that offers an entertainment-specialized Learning Management System and secured certification from Ableton.

As a result, they intend to bring over some celebrities and prominent artists to their platform including BTS producer Doc Sskim and multiple Grammy-award winners like Philip Lassiter and Robert Sput Searight.

Source: https://coinquora.com/label-foundation-nft-infrastructure-set-to-reform-the-entertainment-industry-in-the-web-3-0/