Clesson, the operating company of the Foundation labelreceived an additional $2 million in equity funding from eBest Investments & Securities and Groom Investment to advance Web3 non-fungible token (NFT) infrastructure for musicians, fans and content producers and boost revolution in industry.
EBest, a leading South Korean asset management firm, and Groom, a startup investment fund, have committed the aforementioned amount in equity financing in a new collaboration. According to the Label team, the freshly raised funds will accelerate the building of massive infrastructures of open online courses (MOOCs) and NFT music and attract more qualified intellectual property (IP) holders to the platform.
Solve the problem of intermediaries and intermediaries
Previously, the Label team announced the release of Opentrack version 2.0, which offers better compatibility with the decentralized application Label. The new version simplifies the transfer of intellectual property rights by making it clearer, smoother and more user-friendly. IP addresses of well-known artists such as BTS producer Docskim, ex-Lady Gaga and Lil Wayne collaborator Aaron Spears, 11-time Grammy winner Philip Lassiter and many more are heading to the infrastructure NFT from the Label Foundation.
LABEL Foundation pioneered the use of blockchain technology to transform MOOCs and the music industries. The core team is building an NFT infrastructure for content producers, musicians and fans, while initial IP addresses are provided by certified Opentrack company Ableton. Upon completion, The Label Foundation is committed to providing fair benefit sharing to artists, peer-to-peer (P2P) investment, and the removal of barriers to entry into the music business. The most recent announcements of strategic alliances with Ankr demonstrate the company’s continued success.
The Label Foundation team looks forward to helping advance the music industry by addressing the most pressing concerns related to unfair profit sharing. The team is aware of the challenges faced by talented artists in the mainstream music industry as they have extensive experience in the music and entertainment industries.
Citigroup’s analysis of the distribution of music profits found that songwriters and musicians received only 16% of song profits, or 12% of overall revenue. This revelation of inequity prompted the blockchain-enthusiast Label Foundation to use distributed ledger technologies for transparency and P2P use cases where no middleman can benefit musicians.
About eBest and Groom
EBest is considered one of the leading asset management organizations in South Korea that offers online stock brokerage services. It currently has around $1 billion in assets under management and works across research, investment banking and retail sales. Its international business segment provides cash equities, exchange-traded derivatives, cash bonds and international equity market access.
The research division conducts research on market shares and investment strategies. Corporate financing, debt capital markets, structured financing and project financing are all services offered by the investment banking division. The retail sales division provides online and offline brokerage services as well as investment information and services. The company was established on December 15, 1999 and is headquartered in Seoul, South Korea.
Groom is another investment fund that makes global investments in future ventures and has a portfolio that includes SmartStudy, CrowdWorks, Bespin Global, and Caroom.
About the label
Label is a blockchain-oriented NFT platform that incubates music as well as entertainment by providing users with a variety of easy investment instruments, fair revenue sharing, and reliable marketing methods. It is an unparalleled NFT infrastructure built on the Ethereum network and powered by the governance of its utility token, LBL, and with the goal of establishing a fair profit-sharing economy with permissionless enforcement of rights. of intellectual property.
This is a paid press release. Cointelegraph does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other elements of this page. Readers should do their own research before taking any action related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.