Here's Why Everyone Should Be Keeping an Eye On This Burgeoning New Partnership The partnership between LABEL and Polygon is important because of these reasons
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When it comes to the DeFi and NFT sectors, working alongside reputable companies, firms and various projects could very well be the key to long-term survival. After all, so much of what goes on in this industry is dependent on being able to rely on others who would usually be the experts in their respective fields.
With that being said, LABEL Foundation is proud to announce that they will be partnering up with Polygon Studios, which is Polygon's gaming and NFT branch that is fully committed to helping establish the global blockchain-oriented gaming and NFT industry, as well as to successfully bridge the gap between Web 2.0 and Web 3.0 gaming through marketing, investment, and developer assistance.
Understanding LABEL Foundation
Naturally, it is imperative to find out as much as possible about something before being able to fully trust and rely on it. When it comes to LABEL Foundation, it can best be described as a blockchain-based NFT platform that fosters music and entertainment by offering users a choice of easy investment instruments, equitable income sharing, and dependable marketing strategies. Fundamentally, it is an NFT infrastructure built on the Ethereum Network and driven by the LBL utility and governance token. Its main goal is to hence develop a fair and transparent profit-sharing economy that also features permissionless IP rights.
Furthermore, it now has more than 100 courses accessible, with well-known musicians ready to be launched on the platform. As a result, LABEL Foundation is creating a blockchain-based online education environment. LABEL will also launch its NFT marketplace in June, which will comprise collectibles, items, and profit-sharing non-fungible tokens. The team is also currently onboarding musicians for future NFT releases.
In a nutshell, LABEL aspires to be more compatible with a wide range of other chains. The team believes that multichain is the way to go these days, which is why they want to deploy on additional networks in the long run. For now, the platform will accept NFTs created in Polygon along with payment in the form of LABEL's BEP-20 as well as ERC-20 tokens.
Why is the partnership significant?
The partnership between LABEL and Polygon is important because of two reasons. For starters, it enables the LABEL team to have a high throughput and scale for their respective NFT marketplace without involving outrageous fees, and it also aids in connecting all kinds of other projects within Polygon's own ecosystem.
Furthermore, previous to the partnership with Polygon Studios, LABEL has connected and partnered with on-ramp payment solution provider - MoonPay, which is also one of the core partners of Polygon Studios. Label team shall use their connections to engage with many Polygon-oriented efforts in the future. LABEL Foundation is also expanding Polygon's network of projects and will continue to connect with them for a long time to come.
Anything else we should know?
Polygon is a Layer-2 scaling solution that works in combination with the Ethereum blockchain to speed up and reduce the cost of transactions. Essentially, Polygon is a PoS, EVM compatible, secure Layer-2 solution for dApps with fast transactions and low expenses, so it would make all the sense in the world for LABEL to work with the Polygon team.
LABEL has also been doing relatively well lately, as during the recent market crash, it hit an all-time high. Over the weekend, its price increased by a whopping 140 per cent to $0.044. All in all, the new partnership with Polygon Studios should go a long way towards helping LABEL reach its goals and is thus certainly worth keeping an eye on.Note: Investment in cryptocurrency and crypto assets is subject to financial risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.