The next-generation nonfungible token (NFT) infrastructure Label Foundation has announced the successful completion of its private sale round. Supported by many leading VCs and famous Grammy-winning artists, the NFT platform raised $1.0 million during a private sale that generated major interest from top investors and venture capitalists in the finance and blockchain industries.
A major milestone for the Label Foundation
The private sale round was led by HG Ventures and backed by some of the leading institutions and venture capital funds in the blockchain sphere, such as GBIC, Mindfulness Capital, IOST, M6, Adaptive, and Icetea Labs, Alphabit, and Pragma. These venture capital firms have joined forces to fund the next-generation NFT infrastructure that provides the peer-to-peer (P2P) incubating platform to foster the education platform.
Speaking on the development, Simon Jeung, co-founder at HG Ventures, revealed his delight in the development. “As the lead investors in the LABEL Foundation, we are first and foremost fascinated by the dedication of the core team to the unified goal to revolutionize the entertainment-education market by bringing the MOOC industry and blockchain technology together.
Jeung also added, ‘’We believe that NFTs will definitely need the next level of adoption, and the musicians, artists and other content creators that were previously restrained from their legitimate profits will now be able to protect their rightful IP rights in the most innovative NFT infrastructure platform.”
Fostering a next-gen blockchain-based educational ecosystem
Label is an NFT infrastructure protocol built on the Ethereum network to establish a fair profit-sharing ecosystem. Its ecosystem is powered by LBL utility and governance tokens.
To achieve its goals, LABEL introduces a decentralized P2P incubating platform to invest in world-class entertainment educational content through the DAO voting system that allows contributors to claim profits through its native NFT shareholding mechanism.
This system provides content creators in the MOOC industry easy access to investment, promotion and the distribution of their IP rights. It solves the problems of unfair structure that exists in the sphere.
Tokenizing IP rights using NFTs
Label Foundation further innovatively uses NFTs enabling content creators to tokenize their IP rights to allow investors to fund their prospective courses. These courses are listed on the Label platform and, over time, become profitable and influential for investors.
The interests on these tokenized IP rights can be accessed by LBL Holders that stake their tokens in the DAO governance mechanisms for voting rights on which courses are registered and receive financing in the Label ecosystem.
The courses that have successfully received investments will be registered in the ERC-1155 NFT standard, which will clearly illustrate the share ratio of the ownership according to the contributions of instructors, voters and investors. The information on sales revenue from partner platforms will be released on the special NFT Page, and the revenue generated by the course will be accurately distributed based on the NFT Shares held by the contributors.
Furthermore, the investors that are willing to liquidate their NFT shares will be able to register them freely in the NFT Marketplace of the LABEL Foundation, or they can retain their access to the IP rights and claim the partial profits that will be generated by the content creators’ courses.
Key partnerships established
Label Foundation has extended its ecosystem with key partnerships within the blockchain and education industry. It has already collaborated with OPENTRACK, a leading music education platform operated by Clesson. The partnership will provide a batch of world-class instructors that will provide early content within the LABEL ecosystem.
The LABEL Platform will feature the top stars such as Mark Lettieri (3x Grammy Winner), Scoop DeVille (2x Grammy Nominee), Robert Sput Searight (6x Grammy Winner), Docskim (BTS producer) and many other influential artists and instructors who will be sharing their knowledge and insights and perhaps offer their IP rights through the incubating system to register their courses as NFTs and further allocate the NFT shares to the early investors.
To learn more about Label Foundation visit the following links: