IOST Partners with Label Foundation to Boost NFT Music Industry
IOST announced its strategic partnership with Label Foundation, starting tomorrow. The label’s team is an early pioneer committed to creating a sustainable ecosystem for musical non-fungible IP tokens (NFTs) from top musicians, including Grammy-winning artists, protected by a distributed ledger .
The emerging world of NFTs is expanding beyond artwork, game prizes, virtual real estate, and collectibles; it now includes music NFTs. Musicians and music producers are now generating significant revenue by selling digital versions of their art and music. NFT music IPs typically help block middlemen who take the majority of musicians’ revenue, providing creators with a lucrative opportunity to monetize.
“By expanding the ecosystem to IOST, Label Foundation could benefit from the fast, safe and reasonable gas tariffs of the IOST network. The IOST foundation sees added value and a positive outlook in its collaborations with music NFTs and top artists through Label Foundation. The IOST and Label teams believe that music producers can earn far more from decentralized platforms than top musicians, whether through centralized streaming apps or traditional labels,” said Blake Jeong, chief media officer of ‘IOST.
“We are delighted to enter into a strategic partnership with IOST. IOST is a highly recognized project in Asia, especially in Korea, China, Japan and Thailand, and we expect synergies to be created through collaboration with the IOST ecosystem and Label,” said Hyung. Soon Choi, Label’s Director of Security.
When Label is ready to deploy its NFT infrastructure, thousands of music producers and intellectual property owners could be part of a new era of hands-off label business.
About Label Foundation
Label is a blockchain-based, copyright-sharing NFT platform that supports investment, distribution, and promotion to remove barriers to existing content production and dismantle unfair profit structures.
Label is joined by Clesson and Opentrack – a systematic and hands-on music education company in South Korea that hosts over 200 Korea-based professional instructors and 25 top artists from seven major countries.
Learn more about Foundation label.
Backed by leading financial and venture capital firms such as Sequoia Capital, Matrix Partners, and ZhenFund, IOST is a decentralized smart contract platform designed to solve the scalability problem.
The platform has gained wide recognition due to its innovative features and superior blockchain technology. It also edged out 37 top competitors, including Ethereum and Eos.io, according to the rankings of China’s Ministry of Industry and Information Technology.
IOST has over 624,000 unique wallets and currently processes over 648 million transactions. The network has not had a security incident since its mainnet launched in 2019.
Notably, in April 2022, IOST announced the launch of Project Entroverse to become an Ethereum-enabled Multichain Virtual Machine. This decision, along with the launch of IOSTSwap and IOSTSwap Farm, has become a highlight of IOST’s 2022 development roadmap.
Learn more about IOST:
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