IOST and Label Foundation Revolutionizing The Music NFT
IOST and Label Foundation partners to revolutionize the Music NFT announced on May 4th, 2022. Label Foundation is one of the earliest pioneers committed to creating a sustainable music IP NFTs ecosystem for the top musicians, protected by a distributed ledger
The emerging world of Non-Fungible Tokens (NFTs) is growing beyond works of art. In addition to it are play-to-earn game items, virtual real estate, and collectibles which now include music NFTs. Indeed, musicians and music producers are now generating significant revenue by selling digital versions of their art and music. Furthermore, in the case of NFT music IP, it belongs to the realm of rare NFTs stored in blockchain technology. As a matter of fact, NFT Music IPs typically help block the middlemen that make up the majority of musicians’ revenue. To conclude, it provides 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
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.
“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. We expect synergies to be created through collaboration with the IOST ecosystem and Label.” — LABEL Foundation CSO Hyungsoon Choi
IOST mission is to be the underlying architecture for online services that meets the security and scalability needs of a decentralized economy.
ABOUT IOST
IOST is a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform. Built to tackle the scalability trilemma. Backed by major financial and VC firms such as Sequoia, Matrix, and ZhenFund.
ABOUT Label Foundation
LABEL is a blockchain-based, NFT, copyright fee-sharing platform. Introduces an incubation system. Supports investment, distribution, and promotion processes. Breaking down high barriers to existing content production and investment. Dismantles the current unfair profit distribution structure.
RESOURCES
IOST Official
