Blockchain-based NFT Platform Secures Listing Via Top South Korean Digital Asset Exchange LABEL Foundation gained approval from one of South Korea's main exchanges (Coinone) and a listing position
By Srivatsa KR •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Listing on South Korean exchanges has become challenging due to strict regulations and high-level monitoring from local financial watchdogs. In the face of such stringent regulatory measures, the South Korean market has seemingly come to a halt. The majority of the local exchanges have experienced a blackout as a result of their failure to meet the mandated regulatory standards.
Nevertheless, the South Korean crypto community is still strong and remains hopeful that things will change for the better. To that end, LABEL Foundation gained approval from one of South Korea's main exchanges (Coinone) and a listing position with KRW (South Korea's currency), the advancement that has followed immediately after Clesson (LABEL's parent company) acquired equity capital from two significant investment firms with a strong presence in the local market.
What is LABEL anyway?
LABEL is a blockchain-based NFT platform that fosters music and entertainment by offering consumers a choice of simple investment instruments, equitable income sharing, and dependable marketing strategies. Basically, it is an unrivalled NFT infrastructure built on the Ethereum Network and driven by the LBL governance and utility token, with the overarching goal of developing a fair profit-sharing economy with permissionless IP rights implementation.
Moreover, it strives to break down the many obstacles that have been placed in today's entertainment sector. Many artists nowadays have to contend with intermediation costs on a regular basis and often only get little more than 15% of the entire income. LABEL wants to resolve this issue as much as possible, upsetting industry conventions by eliminating the necessity for intermediary techniques and, as a result, returning control of the process to the artists and content providers.
Continued progress despite regulatory restrictions
As aforementioned, it can be quite difficult to operate in South Korea given the country's anti-crypto sentiment and regulations. With that being said, the fact that LABEL was successful in being able to acquire a listing position is indeed a step in the right direction, as it shows that all hope is not lost and that despite the strict policies from the local government, there may still be a future for the South Asian country.
Furthermore, LABEL Foundation has demonstrated high-level traction and growth with the release of its OPENTRACK content platform's second iteration and the formation of partnerships with various industry leaders. Additionally, with the introduction of their NFT infrastructure and marketplace, the team will commence the influx of protected IP rights, which will be 'NFTized' and given to users via the incubation platform.
Note: Investment in cryptocurrency is subject to risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.
