BC.Game

Label Foundation Announces New Web 3.0 Product

UTC by Andy Watson · 2 min read
Label Foundation Announces New Web 3.0 Product
Photo: LABEL

LABEL, a South Korean DAO Multichain Protocol, uses blockchain technology and Web3.0 benefits to cut out middleman and allow direct peer-to-peer transactions in the content business.

LABEL is an NFT project that has gained relevance for its efforts in setting a fair profit distribution ecosystem since its takeoff in December 2020.

A recent private deal saw HG Ventures lead a group of investors, which also included GBIC, Mindfulness Capital, IOST, M6, Adaptive, and Icetea Labs in addition to Alphabit and Pragma. The LABEL foundation raised $1.0 million for the development of a Peer-to-peer incubating framework, which allows prospective content creators to receive exposure and funding.

LABEL’s New Web 3.0 Product

Through its decentralized  Peer-to-peer incubation platform, LABEL aims to make a difference in entertainment-education utilizing blockchain. As a result, NFTs are expected to be used for constructing a shareholding mechanism in the next-generation blockchain.

The LBL Token serves as a payment, staking, and governance unit. It also empowers the platform’s token holders who are entitled to additional rewards, provided they engage in staking their LBLs in the DAO.

Speaking about the private fundraising, the LABEL foundation team stated “the money will be diverted towards the construction of a next-generation NFT infrastructure and entertainment-education platform that will accelerate the growth and adoption of the MOOC business”.

Commenting on the intended Web 3.0 leverage, Simon Jeung, co-founder of HG Ventures said:

“The LABEL’s core team shared ambition to disrupt the entertainment-education business by merging MOOCs and blockchain technology together fascinates us as lead investors. Musicians and other content creators who were previously unable to safeguard their IP rights on the most cutting-edge NFT infrastructure platform will now be able to do so, in our opinion, as NFT adoption moves to the next level.”

OPENTRACK, a sister platform developed by Clesson, supports this move.

A new music education platform called OPENTRACK2.0 was introduced in mid-January, and it has more than 50 masterclasses by the world’s greatest players. OPENTRACK is not just recruiting new NFT partners, it is also a content and IP provider.

Blockchain News, Cryptocurrency news, News
Andy Watson
Author Andy Watson

Please check out latest news, expert comments and industry insights from Coinspeaker's contributors.

Related Articles