LABEL Foundation is Leveraging NFTs to Empower Content Creators in the Entertainment Industry
LABEL Foundation, a South Korean DAO Multichain platform building an NFT infrastructure for the entertainment industry, plans to leverage the benefits of NFTs and the decentralization of distributed ledger technology to create an education platform, a direct P2P investment for better funding of creators, and overhaul the current structure that benefits intermediaries and not artists.
NFTs opening up Possibilities
Admittedly, the benefits of NFTs are diverse and wide-ranging, spilling beyond art and gaming and entertainment. After years of lopsided business co-existence, artists can now publish their work directly on the blockchain by minting NFTs on any smart contracting platform. Blockchain distribution cuts out the middleman, directly connecting creators and users while reducing costs and protecting against intellectual property rights violations.
It is an extension of the current NFT setup where content creators can now find ways of monetizing their artwork and adding value to them before selling them on marketplaces. Notably, the capabilities of NFTs are by default, thereby incentivizing the creator because of blockchain’s non-custodial operation where the artists remain in charge and are free to mint on the fly.
LABEL Foundation is Streamlining Workflow using NFTs to benefit Content Creators
The creators of LABEL are cognizant of existing obstacles in existing entertainment workflows. Because of bureaucracies and centralized operations, the artist is down the pecking order of affairs and only earns breadcrumbs despite sinking hours in their content. Meanwhile, publishers end up receiving the lion’s share for their intermediation roles. LABEL is positioning itself as a savior for the entertainment industry by utilizing the blockchain to turn the table against intermediaries so that artists sit on the high table.
Their objective of building a multi-NFT platform seems to be right on track. In their private investment round in October 2021, the team raised $1 million backed by leading venture capitals like GBIC, Mindfulness Capital, IOST, M6, Adaptive, Icetea Labs, Alphabit, and Pragma, participated. Later that year Label Foundation also received additional funding from Solanium Ventures.
Backed by OPENTRACK, Partners with Ankr and Curvegrid
LABEL Foundation is developing an incubation system that provides creators with a platform where they can easily access funding, marketing, and distribution of their intellectual property rights.
Subsequently, the platform will feature top-tier celebrities like Scoop DeVille, the two times Grammy Nominee, Robert Sput Searight—the six times Grammy Winner, Mark Lettieri—the three times Grammy Winner, and others. They shall be sharing their insights and knowledge gained over the years from LABEL. The team expects these instructors to offer their IP rights through the LABEL platform’s incubating system. They will quickly register their courses as NFTs and allocate some to early adopters.
Recently, OPENTRACK upgraded to their second version and is presenting an entertainment-focused learning management system. They plan to export more content and IP rights to the LABEL platform and convert them to NFTs. At the same time, OPENTRACK has received a license from Ableton AG—a German music software company. It points to the high quality of content produced within the OPENTRACK ecosystem.
