Label Foundation concludes $1.0 million Private Sale for ecosystem development
Label Foundation has received a major boost towards creating a next-generation ecosystem for the MOOC industry following its successful private sale funding round. The funding fund was led by HG Ventures and generated $1.0 million directed towards developing the Label ecosystem.
Simon Jeung, the co-founder of HG Ventures, alluded that the private sale was huge for the MOOC industry. “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.
A comprehensive blockchain platform
Label Foundation is regarded as one of the few blockchain protocols focused on the MOOC industry. It is built on the Ethereum blockchain and introduces a fair profit-sharing incubation system that encourages investment, distribution, and promotion of educational content within a decentralized ecosystem.
The MOOC industry is one of the fastest-growing industries but is plagued with problems, including the distribution of IP rights of creators and unfair revenue allocation by traditional hosting platforms.
Label Foundation provides an environment where content creators can leverage the power of blockchain technology to optimize their earnings. This is achieved by using NFTs and the concept of tokenization.
Content creators can tokenize their IP rights as NFTs, which allows investors to fund their prospective courses. These courses are listed on LABEL platform and gain capitalization from LBL holders that stake their tokens in the DAO governance mechanism. These holders can vote on the course, be registered, and get financing within the LABEL ecosystem.
Once the courses have gotten investments from LBL holders, they will be registered as NFTs. These NFTs are unique since they contain the share ratio of ownership according to the contributions of instructors, voters, and investors.
The courses are shared among Label partner platforms, and revenue generated is distributed transparently across the shares held within the NFTs. Investors can either liquidate their NFT shares for LBL tokens and other crypto-assets in the in-built NFT market or receive partial profits from the courses invested.
An innovative utility token
LBL token is an ERC-20 token that serves as the native utility token of the LABEL Foundation. It is designed to serve as the payment, staking and governance for products and services within the LABEL ecosystem.
LBL token holders can utilize the token as payment for all educational content provided on the platform. This fee is then paid once a month to the owner of the content’s beneficiary rights NFTs, with some of it accumulated in the DAO Funds as platform fees.
LBL holders can also participate in governance by staking their tokens within the DAO platform. Once the tokens are staked, they can vote for or against proposed changes to the Label ecosystem. Stakers will also be entitled to additional rewards in LBL tokens for staking in the DAO. A total of 3,000,000,000 LBL tokens will be issued and distributed transparently.
Exciting future ahead
Label Foundation is forging forward with strategic partnerships and collaborations to foster crypto adoption in the MOOC industry. The most high-profile partnership is with OPENTRACK, a leading systematic music education company with more than 200 professional instructors and 25 top artists in seven countries globally.
Opentrack, the core partner of the Label, has also partnered with top entertainment stars such as Mark Lettieri (3x Grammy Winner), Scoop DeVille (2x Grammy Nominee), Robert Sput Searight (6x Grammy Winner), Docskim (BTS producer) to share their knowledge and insights.
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Disclaimer: This is a paid post and should not be treated as news/advice.