Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
The LABEL Foundation announced that users can now effortlessly transfer LBL tokens between the Ethereum Mainnet and the Binance Smart Chain.
LABEL, a non-fungible token (NFT) infrastructure powered by the base Ethereum protocol, is now bridged to the Binance Smart Chain (BSC). The integration has been made possible by the MultiBaas Middleware platform created by Curvegrid. LABEL now facilitates a connection between the Ethereum Mainnet and the BSC. This means that users can now seamlessly transfer LABEL’s ERC20, ERC721, and ERC1155 tokens between multiple supported blockchains.
The LABEL Foundation posits to offer its clientele top-notch content in both education and entertainment. Therefore, by deploying on the BSC ecosystem, LABEL now taps into the several great features of the mainnet. This, in turn, would further expand and enhance the performance of the LABEL decentralized application.
On this initiative, LABEL has also tapped notable DeFI Launchpad Solanium as its strategic advisor and investor. This means that the crypto platform will lend its assistance in expanding LABEL’s ecosystem. Based in Amsterdam, Solanium offers a DEX UI, staking, wallet management, governance, decentralized fundraising, and a launchpad.
In addition, in order to execute its public sale, LABEL announced that its initial DEX offering (IDO) will take place on RedKite and NFTb.
Prior to the BSC Bridge development, LABEL collaborated with leading music education platform OPENTRACK, operated by Clesson. Pursuant to the partnership, a body of extremely skilled instructors will create and provide early content with LABEL’s ecosystem. According to LABEL, some of these slated world-class artists include Mark Lettieri, Scoop DeVille, and Docskim. This roster will also include several other Grammy-nominated artists incubating and monetizing their IP rights on the LABEL platform.
LABEL to Achieve Expansion via the Binance Smart Chain Deployment
LABEL is a blockchain-centric, global education platform that grows and promotes several investment processes. The platform focuses on paring down any challenges or pitfalls that pertain to investment procedures and existing content production. The platform’s main objective is to provide users with top-notch educational and entertaining resources. LABEL undertakes this through the decentralized autonomous organization (DAO) voting system.
LABEL is also looking to create a fair profit-sharing environment for intellectual property rights matters. Furthermore, it sees migrating to the BSC as the first step at eventually becoming a multifaceted, multichain NFT infrastructure. This would subsequently lead to the enablement of the LABEL content incubation on disparate blockchain protocols. In order to achieve this faster, LABEL is also entering partnerships with several organizations across the media and entertainment space.
The globe is becoming more digitized – more so now in light of the Covid pandemic. There is now a bigger apparent need for people to utilize different technologies in communicating with one another. This is also now reflected in the booming NFT sector as people also want to make viable investments in addition to interfacing digitally. LABEL’s efforts, including bridging to the Binance Smart Chain, working with Solanium, and collaborating with OPENTRACK, are a few efforts – with more expected to come – geared towards general NFT adoption.