According to LABEL Foundation, the newly raised funds will accelerate the development of the MOOC and music NFT infrastructure and bring more talented IP holders into the platform.
LABEL Foundation, an Ethereum built NFT platform powered by LBL utility and governance token, through its parent company Clesson Co. Ltd has secured an additional $2 million in equity investment to lead the musical non-fungible tokens (NFTs) evolution. The just-concluded funding was backed by eBest Investments & Securities and Groom investments.
According to LABEL Foundation, the newly raised funds will accelerate the development of the MOOC and music NFT infrastructure and bring more talented IP holders into the platform.
Currently, IPs of well-known artists like Docskim (BTS producer), Aaron Spears (ex collaborator with Lady Gaga, Lil Wayne), Philip Lassiter (11x time Grammy winner), and many others appear to move on brand new LABEL Foundation’s NFT infrastructure.
LABEL Foundation has embarked on a journey to revolutionize the MOOC and the music industry through cutting-edge technology including the blockchain and crypto market. Moreover, the NFT market has proved to be a huge opportunity for artists hard hit by the Covid pandemic.
Nonetheless, a lot of work is needed to incorporate the music industry and blockchain technology through NFTs and the crypto market.
Notably, LABEL Foundation’s initial IPs are supplied by Ableton certified parent sister company OPENTRACK.
“Our team is willing to work towards improvements in the music industry, by solving the biggest issues related to unfair profit-sharing due to intermediaries’ lion’s share. Since we have huge expertise in the music and entertainment industry, we are aware of what kind of obstacles talented people face in the traditional music industry.” – LABEL Foundation
Historically, researchers have proved that there is a systemic issue in the music industry when it comes to resource sharing.
Consequently, the disclosure of the unfairness triggered the blockchain enthusiast LABEL Foundation to utilize the distributed ledger features for transparency and P2P use cases where no middleman can get a profit from musicians.
The eBest Investment & Securities Co., Ltd. is considered to be one of the leading asset management firms that engage in the provision of online securities brokerage services in South Korea. It operates through research, investment banking, and retail sales and currently has around 1 billion USD in AUM. The company was founded on December 15, 1999, and is headquartered in Seoul, South Korea.
The other investment fund, known as the Groom Investment is an investment fund that conducts all-round investments in prospective companies and holds portfolios comprised of The SmartStudy, CrowdWorks (Pre-IPO stage), Bespin Global (accumulated investment of 209 billion KRW), and Caroom.
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