The LABEL Foundation, powered by the Ethereum Network, is changing the creator economy.
For some background on Web3 and its impact on the Music economy, check out our coverage from CoinGeckoCon.
LABEL Foundation is using the power of NFTs to put the ownership of their creations in their hands. This South-Korean DAO Multi-Chain protocol is looking to completely decentralize IP ownership. Looking to bring down the barricades to entry into the entertainment industry, LABEL is eliminating the need for intermediation practices. In other words, LABEL is eliminating the need for traditional Music Labels and MOOCs as we know them.
Let’s see what happens when instead of going to music labels for funding, creators can go to the $LBL economy for the same thing. Things such as:
- Limited Edition Albums
- Other Rare Unique Digital Items
can be registered as ERC-721 tokens and sold on the LABEL marketplace.
What Else Does LABEL Offer?
In addition to the NFT marketplace, LABEL Foundation has created an eco-system where creators can directly benefit from their work. First, LABEL has created a way for creators to use the platform for direct-to-consumer classes. Experts that partner with LABEL can teach classes in their fields of expertise. Aspiring musicians can learn directly from these experts through this MOOC platform.
Finally, LABEL offers an incubation space where users can launch their projects with the help of the community. Label users can use the platform’s $LBL token to vote on and support projects they like. When the targeted amount of votes, or staked $LBL tokens, is reached the project receives crowdfunding. At this point, each staker receives a project token on the ERC-1155 standard. This just means that the profit share is super simple for early investors when the project generates revenue!
Holders also receive discounts on the corresponding project’s further releases and NFTs. It’s a win-win for early supporters and creators. Creators need to rely on centralized Music Labels for funding currently. They need to lock themselves into an albatross of a contract just to get their dreams funded, or have their IP snatched out from under them. It’s a predatory industry.
But, LABEL is among those platforms looking to change that. Instead of providing funding on a P2P layer, that means there’s no middle man. The creator can post their demos, supporters can fund them with their money and LABEL uses their platform to distribute. It’s that simple on the grander scale. The blockchain makes this possible in a way that wasn’t even fathomable before.
$LBL Token Performance
The token has been rallying this last month after a sharp drop in value in January. Currently, the token sits at USD $0.0139, with a fully diluted market cap of $41,735,905. The token is up 3.6% according to CoinGecko the last 24 hours and a 30 Day increase of 46.4%.
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