Clesson, the operating firm of the Label Foundation, has received an additional $2 million in equity funding from eBest Investments & Securities and Groom Investment to advance Web3 nonfungible token (NFT) infrastructure for musicians, fans and content producers and boost revolution in the industry.
EBest, a leading South Korean asset management firm, and Groom, an early-stage investment fund, have committed the aforementioned amount in equity funding as part of a new collaboration. The freshly collected funds, according to the Label team, will expedite the construction of massive online open course (MOOC) and music NFT infrastructure and attract more skilled intellectual property (IP) holders onto the platform.
Solving the problem of intermediaries and middlemen
Previously, the Label team announced the release of Opentrack version 2.0, which offers better compatibility with the Label decentralized app. The newly released version simplifies the transfer of intellectual property rights by making it clearer, smoother and more user-friendly. IPs of well-known artists such as BTS’ producer Docskim, Lady Gaga’s and Lil Wayne’s ex-collaborator Aaron Spears, 11-times Grammy winner Philip Lassiter and many more are moving toward the Label Foundation’s NFT infrastructure.
LABEL Foundation has pioneered the use of blockchain technology to transform the MOOC and music industries. The core team is building NFT infrastructure for content producers, musicians and fans, while the initial IPs are provided by the Ableton-certified firm Opentrack. Once completed, the Label Foundation pledges to deliver equitable profit-sharing for artists, peer-to-peer (P2P) investments and the removal of high-entry barriers into the music business. The most recent announcements of strategic alliances with Ankr demonstrate the company’s continued success.
The Label Foundation team is eager to contribute to the advancement of the music business by addressing the most pressing concerns connected to unjust profit-sharing. The team is aware of the challenges that talented artists face in the traditional music industry because it has extensive experience in the music and entertainment industries.
Analysis by Citigroup on music profit distribution revealed that composers and musicians received just 16% of song profit — or 12% of overall income. This revelation of the inequity prompted blockchain enthusiast Label Foundation to employ distributed ledger technologies for transparency and P2P use cases where no middlemen may benefit from musicians.
About eBest and Groom
EBest is regarded as one of the major asset management organizations in South Korea that offers online securities brokerage services. It presently has roughly $1 billion in assets under management and works through research, investment banking and retail sales. Its international business segment provides cash equity, exchange-listed derivatives, cash bonds and access to the international equity market.
The research division conducts research on market equity and investing strategies. Corporate finance, debt capital markets, structured finance and project finance are all services offered by the investment banking division. The retail sales division provides online and offline brokerage services and investing information and services. The firm was established on Dec. 15, 1999, and its headquarters are based in Seoul, South Korea.
Groom is another investment fund that makes all-around investments in future enterprises and has a portfolio including SmartStudy, CrowdWorks, Bespin Global and Caroom.
Label is a blockchain-oriented NFT platform that incubates music as well as entertainment by providing users with a variety of simple investment instruments, fair income sharing and reliable marketing methods. It is an unrivaled NFT infrastructure built on the Ethereum network and powered by the governance of its utility token, LBL, and holding the objective of establishing a fair, profit-sharing economy with the permissionless implementation of IP rights.