IOST has announced its strategic partnership with Label Foundation, effective tomorrow. The label team is one of the earliest pioneers committed to creating a sustainable ecosystem for music IP nonfungible tokens (NFTs) of top musicians — including Grammy award-winning artists — protected by a distributed ledger.

The emerging world of NFTs is growing beyond works of art, play-to-earn game items, virtual real estate and collectibles; it now includes music NFTs. Musicians and music producers are now generating significant revenue by selling digital versions of their art and music. NFT music IPs typically help block the middlemen that take the majority of musicians’ revenue, providing a lucrative opportunity for creators to monetize. 

“By expanding the ecosystem into IOST, Label Foundation could benefit from the fast, secure and reasonable gas fees of the IOST network. The IOST foundation sees added value and a positive outlook in its collaborations with musical NFTs and top artists via Label Foundation. The IOST and Label teams believe that music producers can earn significantly more on decentralized platforms than top musicians, either through centralized streaming apps or traditional labels,” said Blake Jeong, chief media officer of IOST.

“We are very excited to enter into a strategic partnership with IOST. IOST is a project with high recognition in Asia, especially in Korea, China, Japan and Thailand, and we expect synergies to be created through collaboration with the IOST ecosystem and Label,” said Hyung Soon Choi, chief security officer of Label. 

When Label is ready to roll out its NFT infrastructure, thousands of music producers and IP holders could be part of a new era of intermediary-free label business.

About Label Foundation

Label is a blockchain-based, copyright fee-sharing NFT platform that supports investing, distributing and promoting to break down barriers to existing content production and dismantle unfair profit structures. 

Label is joined by Clesson and Opentrack — a systematic and practical music education company in South Korea that hosts more than 200 Korea-based professional instructors and 25 top artists from seven major countries. 

Learn more about Label Foundation.

About IOST

Backed by major financial and venture capital firms such as Sequoia Capital, Matrix Partners and ZhenFund, IOST is a decentralized smart contract platform built to tackle the scalability issue.

The platform has gained widespread recognition due to its innovative features and superior blockchain technology. It has also outpaced 37 top competitors, including Ethereum and, according to China’s Ministry of Industry and Information Technology rankings. 

IOST has more than 624,000 unique wallets and is currently processing more than 648 million transactions. The network hasn’t had a security incident since its mainnet launched in 2019.

Notably, in April 2022, IOST announced the launch of Project Entroverse to become an Ethereum Virtual Machine-compatible multichain. This move, coupled with the kickoff of IOSTSwap and IOSTSwap Farm, has become a highlight in IOST’s 2022 development roadmap.

Learn more about IOST: