Non-Fungible Tokens (NFTs) seem poised to usher new experiences between consumers and products across multiple sectors. So far, the trillion-dollar entertainment industry, as expressed by representatives from major companies in gaming, movies, and music, seems to have embraced these digital assets with open arms.
Companies such as Ubisoft, Metro Goldwin Meyer (MGM), Electronic Arts (EA), and celebrities, like Eminem, Paris Hilton, Gwyneth Paltrow, and many others, understand that NFTs are a bridge for the entertainment industry to reach its future. On that road, from a close to an open industry, 2022 will have center stage.
Launched on the Ethereum network and further bridged to BSC, the LABEL platform provides content creators and artists with the tools to fully harvest the power of NFTs. Operating as a South Korean DAO Cross-chain NFT platform, the LABEL Foundation occupies a key role in the transformation of the entertainment industry.
In addition, LABEL’s innovative infrastructure is supported by two of the most prominent music education companies in this country, CLESSON, and OPENTRACK. The latter provides LABEL with its Intellectual Property (IP) as it hosts over 200 instructors and over 25 top musicians from everywhere around the globe.
These include famous BTS Producer Docskim, Grammy Award winners Philip Lassiter, Robert Sput Searight, and others. OPENTRACK received a certification from the Ableton Program, which goes to show the high quality of the content hosted on the platform.
Furthermore, OPENTRACK recently saw the deployment of its second iteration with plans to integrate their content in the form of NFTs by leveraging LABEL’s features. The team behind this platform classified LABEL, its governance token LBL, and its ecosystem with the following:
LABEL is an unparalleled NFT infrastructure built on top of Ethereum Network, powered by LBL utility and governance token with a unified goal to establish a fair profit-sharing ecosystem with the permissionless integration of IP rights.
The LABEL Foundation, How To Tear Down The Barriers In Traditional Industries
Per the LABEL Foundation’s Whitepaper, the projects aim at giving content creators and artists more power over the creations. To achieve this objective, LABEL will disrupt the entertainment industry at its core; by supporting a copyright fee-sharing platform with a top-of-the-line incubation system.
In that way, content creators will hold power and make every one of their IPs a form of revenue but will also be able to receive financial support and break away from the traditional entertainment industry. LABEL’s incubation system will be comprised of three core elements: investment, distribution, and promotion for content creators.
This model will let LABEL and the LABEL Foundation not only transform the entertainment industry but also take down the walls which usually keep artists away from achieving their dreams. In 2022 and beyond, an artist will need no intermediaries to reach an audience and see compensation for their work.
This vision has allowed the LABEL Foundation to record sustained growth, even as the crypto market, in general, suffers from a correction. The rollout of LBL saw a 4,600% explosion in its price suggesting a high interest in the project.
In the future, the LABEL Foundation will continue to strengthen its position in the NFT sector by consolidating important collaboration, and by attracting fresh capital into its ecosystem. Back on October 25th, 2021, this entity was able to raise $1.0 million to secure the financial means to fulfill its objectives.
The round saw participation from major players in the crypto industry, led by HG Ventures, such as GBIC, Mindfulness Capital, IOST, M6, Adaptative, and others. At the time, the team behind the project added the following on LABEL’s potential to bring a change in the entertainment industry for the benefit of consumers and creators:
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.
Source: https://bitcoinist.com/how-the-label-foundation-spearhead-the-transformation-of-entertainment/