PRESS RELEASE. As the first month of 2022 draws to a close, many would agree that NFTs became a brand new way of ownership of an asset on the internet space. As groundbreaking a year for NFTs as 2021 was however, it does beg the question as to what the future of this sector will be like, specifically regarding the music & entertainment sector.

The year 2022 is promising us to be the year of the content creators/artists/musicians, with control over the masterpieces never going to middlemen without the original creators’ permission. Artists were able to make money from their digital artworks thanks to Non-Fungible tokens. And by selling those NFTs on specialized markets like OpenSea and Rarible and receive 100% of the fair profit vs 14% in the traditional music industry.

How is the LABEL Foundation pioneering in the NFT sector?

Using all the benefits of the Web 3.0 and blockchain technology, the South-Korean NFT infrastructure known as the LABEL Foundation, operated by the founders of the OPENTRACK platform, is paving the way for a content industry revolution by bringing the most well-known IPs to their respective NFT platform. The Label Foundation allows direct P2P investments in order to fund potential musicians in a decentralized, permissionless state.

LABEL, a NFT-based platform that incubates entertainment and music, provides easy investment tools, fair revenue distribution and promotion processes.

According to their whitepaper, LABEL Foundation aims to break down the huge barriers that have been built across the entertainment sector. Artists are often burdened with intermediation costs and receive only 1/6th of total revenue. LABEL could be seen as a rescuer, disrupting the industry standards by removing intermediation requirements and returning control to artists and musicians.

It should additionally be mentioned that the LABEL Foundation had already announced a successful financing round in which they raised $1 million (USD) and received additional funding from Solanium Ventures. LABEL also signed a formal agreement with Ankr to use Curvegrid’s MultiBaas middleware and their nodes to support their infrastructure. This reaffirms their overall vision and commitment of providing multichain NFT technology for their platform.

Lastly, despite the current market conditions, the LABEL Foundation seems to be moving in the right direction. They continue to make key agreements, obtain capital for company growth and transfer prominent IPs to the platform.

The recent upgrade of the Ableton certified OPENTRACK 2.0 version, which is the LABEL’s direct provider of the IP promises that the music sector is going to integrate with NFTs in the long-term perspective. Overall, the future looks bright for NFTs and LABEL.

This is a press release. Before taking any action related to the promoted company, or any of its affiliates, or services, readers should do their due diligence. Bitcoin.com does not assume any responsibility for any loss or damage caused or alleged by the use or reliance of any content, goods, or services mentioned in this press release.

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