Label Foundation Raises $1.0 Million for its Blockchain-Based Entertainment & NFTs Ecosystem

Label Foundation has announced that it has successfully raised $1.0 million via a private sale round led by HG Ventures, with other leading venture capital firms also participating in the event. The team says the funds will be used for the development of its next-gen non-fungible tokens (NFTs) infrastructure and entertainment ecosystem.

Label Foundation Set to Revolutionize NFTs Industry

LABEL (LBL) an NFT infrastructure that claims to be focused on offering its users a decentralized peer-to-peer (P2P) platform that enables them to invest in world-class entertainment-education content has successfully completed a $1.0 million funding round.

Label Foundation says its private presale event was led by HG Ventures, with solid backing from other top VC firms in the blockchain space, including GBIC, Mindfulness Capital, IOST, M6, and a host of others.

The team says the funds will be channeled towards the development of a next-generation NFT infrastructure and entertainment-education platform that will accelerate the growth and adoption of the MOOC industry.  

Built on top of the Ethereum smart contracts blockchain and powered by its native LBL  governance token, Label claims to be an unparalleled NFT platform aiming to establish a fair profit-sharing ecosystem with the permissionless integration of IP rights.

The team wrote:

“LABEL provides a decentralized P2P incubating platform for the masses to invest in world-class entertainment-education content through a DAO voting system that allows contributors to claim profits via NFT shareholding mechanism. Label provides content creators in the MOOC industry easier access to investment promotion and distribution of their IP rights, fair profit structure, and more.”

Backed By OPENTRACK 

Label Foundation is backed by Opentrack, a music education platform from the sables of the Clesson. The team is aiming to integrate a batch of world-class instructors in the entertainment industry into the Label platform, including Mark Lettieri, a three-time Grammy Award winner, Scoop DeVille, Robert Sput Seargit (6x Grammy Winner), and a host of other influential musicians and instructors.

The team says these award-winning entertainers will all be sharing their knowledge and insights, while also offering their IP rights through the incubating system. Their courses will be registered on the platform as NFTs and early LABEL investors that participate in the governance system to vote and fund the potential IP rights will be able to claim the NFT shares as a result of their backing. 

Commenting on the project, Simon Jeung, co-founder of HG Ventures said:

“As lead investors in the LABEL Foundation, we are first and foremost fascinated by the dedication of the core team to the unified goal to revolutionize the entertainment-education market by bringing the MOOC industry and blockchain technology together. We believe that NFT will definitely need the next level of adoption and the musicians and other content creators that were previously restrained from their legitimate profits will now be able to protect their IP rights in the most innovative NFT infrastructure platform.”

The team says LBL token holders will be able to vote on the exact courses that will be registered on the platform. The chosen courses will be registered in the ERC-1155 NFT standard, to “clearly show the share ratio of ownership according to the contributions of instructors, voters, and investors.”