IOST Partners Label Foundation To Drive The Future of Music NFTs
On May 4th, 2022, IOST is excited to announce its strategic partnership with the Label Foundation- one of the earliest pioneers committed to creating a sustainable music IP NFTs ecosystem for the top musicians (Grammy award-winning artists), protected by a distributed ledger.
The emerging world of Non-Fungible Tokens (NFTs) is growing beyond works of art, play-to-earn game items, virtual real estate, and collectibles, and now includes music NFTs. Musicians and music producers are now generating significant revenue by selling digital versions of their art and music. In the case of NFT music IP, it belongs to the realm of rare NFTs stored in blockchain technology. NFT Music IPs typically help block the middlemen that make up the majority of musicians’ revenue, providing a lucrative opportunity for creators to monetize.
“By expanding the ecosystem into IOST, Label foundation could benefit from the fast, secure, and reasonable gas fees of the IOST network. The IOST Foundation sees added values and a positive outlook in its collaborations with musical NFTs and top artists via Label Foundation. The IOST and LABEL team believe that music producers can earn significantly more on decentralized platforms than top musicians, either through centralized streaming apps or traditional labels.”- IOST Foundation CMO, Blake Jeong
“We are very excited to enter into a strategic partnership with IOST. IOST is a project with high recognition in Asia, especially in Korea, China, Japan, and Thailand, and we expect synergies to be created through collaboration with the IOST ecosystem and Label. — LABEL Foundation CSO Hyungsoon Choi
When LABEL is ready to roll out its NFT infrastructure, thousands of music producers and IP holders could be part of a new era of intermediary-free label business.
About Label Foundation
LABEL is a blockchain-based, NFT, copyright fee-sharing platform
that introduces an incubation system that supports investment,
distribution, and promotion processes to break down high barriers
to existing content production and investment and dismantles the
current unfair profit distribution structure.
LABEL is joined by CLESSON & OPENTRACK, known as a systematic and practical music education company in South Korea, which hosts more than 200 professional instructors in Korea and 25 top artists from seven major countries around the world.
Learn more about Label Foundation
About IOST
Backed by major financial and VC firms such as Sequoia, Matrix, and ZhenFund, IOST is a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma.
IOST has gained widespread recognition due to its innovative features and superior blockchain technology. It has also outpaced 37 top competitors, including Ethereum and EOS, multiple consecutive times in the ranking by China’s Ministry of Industry and Information Technology.
IOST network has more than 624,000 unique wallets and is currently processing over 648 million transactions. The network hasn’t also had a single security incident since its mainnet launched in 2019.
Notably, in April 2022, IOST announced the launch of Project Entroverse to become an EVM-compatible multi-chain. This move, coupled with the kickoff of IOSTSwap and IOSTSwap Farm, has become a highlight in IOST’s 2022 development roadmap.
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