Press release
PRICE RELEASE Clesson, operating company for the LABEL Foundation, has received an extra $2 million in equity funding from eBest Investments & Securities and Groom Investments to advance the Web 3.0 NFT infrastructure for musicians, fans, and content producers and boost the revolution in the industry.
eBest Investments and Securities, a South Korean investment firm, and Groom Investments, a young-stage fund, have actually committed the aforementioned amount of equity funding to Clesson Co., Ltd, which is the parent company for LABEL Foundation. According to the LABEL Team, the funds collected will be used to accelerate construction of music NFT infrastructures and recruit more skilled IP holders.
Solutions to the Problem of Intermediaries/Middlemen
OPENTRACK 2.0 has been released by the LABEL Core Team. It is now compatible with the LABEL dApp. New version facilitates intellectual property transfer by making it simpler, easier, and more accessible. IPs of well-known artists such as Docskim (BTS producer), Aaron Spears (ex-collaborator with Lady Gaga and Lil Wayne), Philip Lassiter (11x Grammy winner), and many more look to be moving onto the fresh new LABEL Foundation’s NFT infrastructure.
LABEL Foundation pioneered blockchain technology’s use to transform music and MOOC industries. While the core team works to build the NFT infrastructure, the IPs for musicians and content producers are supplied by OPENTRACK, an Ableton-certified parent firm. The LABEL Foundation promises to provide equitable profit sharing, P2P investments and removal of barriers for musicians once it is completed. The most recent announcements of strategic alliances with Ankr demonstrate the company’s continued success.
The LABEL Foundation team is eager to contribute to the advancement of the music business by addressing the most pressing concerns connected to unjust profit-sharing owing to the lion’s share of middlemen. They have extensive knowledge in music and entertainment so they understand the problems faced by artists.
Indeed, Citigroup’s analysis on music profit distribution discovered that composers and musicians got just 16% of song profit, or 12% of overall income. The inequity was so obvious that blockchain enthusiasts LABEL Foundation began to utilize distributed ledger technologies for transparency, P2P and use cases where there are no middlemen.
Groom Investments and the eBEST
The eBest Investment & Securities Co., Ltd. is regarded as one of the major asset management organisations in South Korea that offers online securities brokerage services. It currently manages approximately $1 billion USD of AUM. The business works via research, investment banking, retail sales, and other means. International Business offers cash equity, derivatives that are exchangeable, cash bonds and access to an international equity market.
The Research division also conducts research about the equity market as well as investing strategies. The Investment Banking division offers services in corporate finance, debt capital markets and structured finance. Retail Sales provides both online and offline brokerage services, along with investing information and other services. It was founded in Seoul, South Korea, on the 15th of December 1999.
Groom Investments, another fund for investment in future companies makes all-round investments. It has portfolios including The SmartStudy and CrowdWorks (preIPO stage), Bespin Global with an accumulated investment of 209 trillion KRW and Caroom.
About LABEL
LABEL is a platform for NFT that uses blockchain technology to incubate music and entertainment. Users have access to simple investment instruments as well fair income sharing. It is essentially an unparalleled NFT infrastructure built on top of the Ethereum Network. The utility token LBL governs the operation of the platform. With the ultimate goal of creating a fair profit sharing economy and allowing for the free implementation of IP rights, the LBL governance powers it.
Additional information can be found via the official website as well as LABEL’s TwitterTelegram, LinkedIn and Facebook Channels
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