Launched on the Ethereum network, the LABEL platform has one of the most original governance and incentive mechanisms in the crypto space. Set out to revolutionize the Massive Open Online Course (MOOC) industry with a blockchain-based entertainment-education platform, it has gathered support from major partners.
Per an announcement by the LABEL Foundation, the project has successfully completed a $1.0 million private sale round led by HG Ventures with participation from major institutions and leading venture capital investors in the crypto industry. This includes GBIC, Mindfulness Capital, IOST, M6, Adaptive, Icetea Labs, Alphabit, and Pragma.
The partners have come together with LABEL to create an innovative new platform to support an NFT infrastructure entertainment-education platform and take the MOOC industry by storm.
As mentioned, LABEL is an Ethereum-based worldwide content incubation platform that seeks to create a fairer and transparent ecosystem for content creators. Via this platform users can access top-tier educational material and self-produced content with multiple features and services.
The platform has an NFT Market that allows users to trade with LABEL-generated NFTs. In addition, the platform has a DAO governance model supported by a native governance and utility token named LBL. Implemented to drive the growth of the LABEL ecosystem, LBL also operates as the main component in the voting and NFT shareholding reward mechanism.
The LABEL Platform And Its Unique Rewards Model
LABEL’s unique NFT infrastructure is backed by CLESSON and OPENTRACK, one of the most relevant systematic music education companies based in South Korea. The platform hosts over 200 instructors and 25 top artists from around the globe.
This top talent will be part of LABEL’s entertainment-education platform backbone and will bring fresh air to the MOOC model by integrating the artists’ real-life experience in the music industry with the advantages of operating on a decentralized DAO governance model.
6 times Grammy Award winner Robert Sput Searight, 2 times Grammy Award Nominee Scoop DeVille, 3 times Grammy Award winner Mark Lettieri, the producer for one of the biggest music groups BTS Docksim, and many others are some of the names that will participate in the courses operated by the Clesson and further to be brought to the LABEL Foundation.
In some cases, the instructors and artists will offer their IP rights on the LABEL platform incubating system. This will enable early investors to receive rewards in the form of NFT shares which can be traded on LABEL’s marketplace or they can hold them for further rewards.
The entire system has been designed to protect content creators and their IP rights by minting them as NFTs. In this way, the LABEL community can choose which courses will receive support by using the DAO governance model and the LBL-based voting system.
The courses that successfully attract LBL holders’ attention and receive enough votes via staking will be registered on the platform using the ERC-1155 Ethereum NFT standard. This will allow the platform to maintain full transparency by showing the share ratio ownership of voters and investors according to their NFT shares contributed. At any point, investors can withdraw their NFT shares or they can retain them to claim the partial profits generated by the courses.
Co-Founder at HG Ventures, a key LABEL Foundation partner, Simon Jeung said the following on the project’s commitment and potential to spearhead a new wave of adoption for cryptocurrencies and blockchain technology:
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. 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.