Clesson, the operating company of blockchain-based NFT and copyright fee-sharing platform LABEL Foundation, has raised $2 million in equity to further its Web3 mission. It was part of a strategic investment round from eBest Investments and Groom Investment. These two firms have poured money into the leading MOOC and music NFT platform to push it to the forefront of the content industry in the Web3 era.
As Web3 has continued to grow and evolve, so, too, do the platforms that exist in this space. With the funding, LABEL Foundation will be able to enhance the platform and bring over new intellectual property (IP) holders, as well as finance all development-related expenses that arise with time.
LABEL Foundation, a South Korean NFT infrastructure, is operated by the founders of the music learning platform, OPENTRACK. Through this, they are revolutionizing the content industry by attracting world-class talent through its incubation system and well-known IPs to their platform. It operates a fair profit-sharing system created through effective system integration.
OPENTRACK is a MOOC-style music platform that allows students to learn at their own pace. OPENTRACK 2.0 was recently announced with improved interoperability with the LABEL dApp. The new version makes the transition of IP rights an easier, smoother, and more transparent process.
World-class artists have already begun moving their IP rights to the OPENTRACK platform. Aaron Spears who has worked with the likes of Lady Gaga and Lil Wayne, BTS producer Doskim, 11-time Grammy winner Philip Lassiter, and others are moving on to the brand new LABEL infrastructure.
Not only can students learn various instruments, but they are also able to interact with world-class musical talent to help them hone their skills. Classes are taught by real-world music experts across a number of specializations.
LABEL Foundation’s core team is building the NFT infrastructure for content creators, musicians, and fans, while initial IPs are supplied by Ableton certified parent sister company, OPENTRACK.
LABEL Foundation promises a fair profit-sharing distribution system for artists and P2P investments, as well as eliminates the high barriers for entry into the music industry.
According to recent research carried out by Citigroup, creators and artists only receive ⅙ of profits from a song or 12% of total revenue. This unfairness is the reason LABEL Foundation decided to utilize blockchain technology to create a fairer system where creators and artists do not have to go through middlemen to get their profit.
With LABEL, artists would no longer have to worry about intermediary costs when receiving royalties. This would allow artists and content creators to be able to exercise full control over their art. Its latest strategic partnership with Ankr points to the progress made by the platform.
“Our team is willing to work towards improvements in the music industry, by solving the biggest issues related to unfair profit-sharing due to intermediaries lion’s share. Since we have huge expertise in the music and entertainment industry, we are aware of what kind of obstacles talented people face in the traditional music industry.” – LABEL Foundation
About Groom Investment
Groom Investments is an investment fund that conducts all-round investments in the prospective companies and holds a portfolio comprised of The SmartStudy, CrowdWorks (Pre-IPO stage), Bespin Global (accumulated investment of 209 billion KRW), and Caroom.
About EBEST Investment & Securities Co., Ltd
EBEST Investment & Securities Co., Ltd is a company that provides financial related services to its clients. Founded in 1999, the company is located in South Korea and is listed on the KOSDAQ.
EBEST Investment & Securities Co., Ltd engages in the brokerage, dealing, and underwriting of securities businesses, in addition to covering stocks, options, futures, government bonds, corporate bonds, foreign securities, and financial derivatives products. EBEST Investment & Securities Co., Ltd also provides consulting services and is involved in the proprietary trading business.