About

Label Foundation operates TRACKS, a Web3 music streaming platform. TRACKS is developed as a blockchain-based ecosystem that offers users the ability to earn rewards by listening to music. The platform also features a system for trading music and musician intellectual properties through NFTs.

History

Label is building a fair and decentralized incubating system for content creators that provides them easier access to investment, promotion, and distribution of their IP rights. Label uses a blockchain-based incubating platform to solve the problems associated with the Value Chain in the global entertainment & media (E&M) content market. The platform aims to solve for the below redundancies of the current system:

1. Unfair profit distribution: Major platforms take the largest portion of profit allocation as middlemen between content creators and users/learners.
2. Entry barriers for professional instructors: Currently, few platforms get to decide what classes should be allowed on their platform in turn limiting financial aid for most creators.
3. Copyrights and IP issues: Content creators are at the risk of illegal usage of their original content by a third party. Label uses distributed ledger for IP transparency.

Label's NTF infrastructure will grant IP ownership to the creators over their courses, thereby maintaining various blockchain functions, including copyright protection, transparency provision, and elimination of the unnecessary intermediation aspects.

Currently, Label’s key partner that will be supplying the initial set of IP holders is Clesson Co., Ltd. (Clesson), a South Korean music education company with 200 professional instructors. Clesson also operates OPENTRACK, a global MOOC service in the E&M sector with artists and producers from Germany, Canada, Japan, Korea, and Australia among other counties. The LABEL team also plans to recruit copyright management personnel from famous distributors and entertainment production companies to work in partnership with.

Label plans to complete its decentralization process as per the below steps:

1st Phase: Based on Opentrack, which is worth USD 20 million according to its sales, users will be able to use LBL tokens to add subscription payment options for content. Initially, the Label team will consist of experts in the E&M field and companies who have signed MOUs with Opentrack.

2nd Phase: Label will release NFTs, an NFT Marketplace, and an Incubating System allowing for known artists to digitize their creations and receive investments from LBL token holders via a P2P incubating system.

3rd Phase: Finally, the decentralized governance system DAO will be released, allowing LBL token holders to decide which content to be incubated. Additionally, Label plans to expand its infrastructure for creators from fields beyond E&M. Fees incurred within the ecosystem will be deposited into DAO funds and the DAO will determine its utilization.