The fundraiser is the part of a strategic investment round led by eBest Investments and Groom Investment. These two companies have invested heavily in the top Massive Open Online Courses (MOOC) and music NFT platform in order to propel it to the forefront of the content market in the Web3 era. With the funds, the LABEL Foundation will be able to improve the platform and attract additional intellectual property (IP) holders, as well as support any development-related expenditures that emerge over time.
The inventors of the music learning platform OPENTRACK run the LABEL Foundation, a South Korean NFT infrastructure. They are transforming the content market by recruiting world-class talent and well-known IPs to their platform through their incubation method. Many world-renowned musicians have already begun to transfer their intellectual property rights to the OPENTRACK platform.
According to a recent Citigroup study, producers and musicians only earn 16% of income from a song, or 12% of overall revenue. This inequity is why the LABEL Foundation chose to use blockchain technology to build a more equitable system in which creators and artists do not have to go through intermediaries to receive their profits. Artists would no longer have to worry about intermediate fees while getting royalties with LABEL. This would give artists and content creators complete rights over their work. Its most recent strategic relationship with Ankr demonstrates the platform’s growth.
