PRESS RELEASE. Clesson, the operating firm of 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 leading South Korean asset management firm, and Groom Investments, an early-stage investment fund, have indeed committed the aforementioned amount in equity funding to Clesson Co., Ltd, the parent company of LABEL Foundation as part of a new collaboration. The freshly collected funds, according to the LABEL team, will expedite the construction of the MOOC and music NFT infrastructure and attract more skilled IP holders into the platform.
Solving the Problem of Intermediaries and Middlemen
Previously, the LABEL core team announced the release of OPENTRACK 2.0, which includes better compatibility with the LABEL dApp. The newly released version simplifies the transfer of intellectual property rights by making it clearer, smoother, and more user-friendly. 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 has pioneered the use of blockchain technology to transform the MOOC and music industries. The core team is constructing the NFT infrastructure for content producers, musicians, and fans, while the initial IPs are provided by Ableton certified parent sister firm OPENTRACK. Once completed, the LABEL Foundation pledges to deliver equitable profit sharing for artists, P2P investments, and the removal of high entry barriers into the music business. 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. The team is aware of the challenges that talented artists confront in the traditional music industry because they have extensive experience in the music and entertainment industries.
Indeed, Citigroup’s analysis on music profit distribution discovered that composers and musicians got just 16% of song profit, or 12% of overall income. This revelation of the inequity prompted blockchain enthusiast LABEL Foundation to employ distributed ledger technologies for transparency and P2P use cases where no middlemen may benefit from musicians.
About eBEST and Groom Investments
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 presently has roughly $1 billion USD in AUM and works through research, investment banking, and retail sales. The International Business segment provides cash equity, exchange-listed derivatives, cash bonds, and access to the international equity market.
Moreover, the Research division conducts research on the equity market and investing strategies. Corporate finance, debt capital markets, structured finance, and project finance are all services offered by the Investment Banking division. The Retail Sales division provides online and offline brokerage services as well as investing information and services. The firm was established on December 15th, 1999, and its headquarters are located in Seoul, South Korea.
Groom Investments is another investment fund that makes all-around investments in future enterprises and has portfolios that include The SmartStudy, CrowdWorks (pre-IPO stage), Bespin Global (accumulated investment of 209 billion KRW), and Caroom.
LABEL is a blockchain-oriented NFT platform which incubates music as well as entertainment by providing users with a variety of simple investment instruments, fair income sharing, and reliable marketing methods. Essentially, it is an unrivalled NFT infrastructure that has been constructed atop the Ethereum Network and is powered via the LBL governance and utility token, with the overall objective of establishing a fair profit-sharing economy with permissionless implementation of IP rights.
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