In this industry, it is crucial to establish key strategic partnerships in order to ensure both longevity and prosperity. As such, LABEL Foundation has officially announced a partnership with Polygon Studios, with the further intention to chase their multichain goal and launch their Dapp additionally on Polygon Network, along with Binance Smart Chain and Ethereum Network.
What is Polygon?
Polygon is a Layer-2 scaling solution which works in tandem with the Ethereum blockchain to make transactions quicker and less expensive. Polygon is a PoS (Proof-of-Stake), Ethereum Virtual Machine (EVM) compliant, secure, Layer-2 solution for dApps (decentralized applications) that offers rapid transactions and minimal costs.
Polygon Studios is Polygon's gaming and NFT division, dedicated to doing its part in terms of building the worldwide blockchain-based gaming and NFT space as well as bridging the gap between Web 2.0 and Web 3.0 gaming via investment, marketing, and developer support.
How does the collaboration help?
LABEL's collaboration with Polygon benefits everyone involved in two main ways. Firstly, it allows the LABEL team to have a large throughput and scale for their NFT marketplace without charging exorbitant fees, and secondly it helps in providing the ability to link other various projects in Polygon's ecosystem.
Moreover, LABEL has recently established an on-ramp payment partnership with one of the unicorn firms in the industry - MoonPay, which also happens to be the strategic partner of Polygon Studios, which both are currently collaborating to launch the NFT NYC event in June. LABEL team will utilise their ties to collaborate further with Polygon-based initiatives. In addition to this, LABEL Foundation is extending Polygon's network of projects and shall continue to interact with them for the foreseeable future.
LAEBL Foundation is an NFT infrastructure that serves as an incubator for world-class entertainment-education material. It is supported by the LBL governance and utility token, with the overarching goal of developing a fair profit-sharing economy with permissionless IP rights implementation. LABEL Foundation had also recently reached an all-time high in the midst of a market crash. Its price has risen by 140% over the weekend to $0.044 USD, according to Coinmarketcap.
Additionally, it presently has over 100 courses available, with prominent artists ready to be deployed on its platform. LABEL Foundation is hence developing a blockchain-based online education platform. Furthermore, in June, LABEL will open its NFT marketplace which will include collectibles, goods, and profit-sharing NFTs. LABEL is also presently onboarding artists for upcoming NFT releases.
Ultimately, LABEL strives to become more interoperable with numerous other chains. The team feels that multichain is the way of the future, hence the desire to deploy on other networks in the long-term. For the time being though, it will accept NFTs produced in Polygon as well as payment using LABEL's ERC-20 and BEP-20 tokens.