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. Thanks to the unique features of Non-Fungible Tokens, artists began to commercialize their digital artworks by assigning a monetary value. 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 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. Label Foundation is allowing direct P2P investments to fund prospective musicians in a completely decentralized and permissionless state.
LABEL is a blockchain-based, NFT platform incubating entertainment and music that provides various easy investment tools for users, fair revenue distribution, and promotion processes.
According to their whitepaper, the LABEL Foundation seeks to break through the massive barriers that have been constructed across the existing entertainment sector, where artists are often burdened by intermediation costs and get only ⅙ of the total revenue. LABEL would hence like to be viewed as a rescuer of sorts, disrupting industry standards by removing the requirement for intermediation procedures and returning control of the whole system to musicians, artists, and other types of content producers.
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. Additionally, LABEL has formally established a deal with Ankr to use their nodes and Curvegrid’s MultiBaas middleware to support its own infrastructure, reaffirming the overall vision and commitment to providing multi-chain NFT technology to their platform.
Lastly, regardless of the current state of the market, the LABEL Foundation appears to be developing in accordance with their initial goal, as they continue to create key agreements, receive investment capital required for company growth, and bring over prominent IPs to their 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. All in all, the future would indeed appear to be bright for LABEL and NFTs.