NFTs Gaining Popularity in the Entertainment Industry | by LABEL | LABELFOUNDATION | Oct, 2021

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LABEL

LABEL is a blockchain-based, lecture content incubation, integration service. LABEL produces high-quality lecture content through its lecture content incubation system and creates a space for content creators, investors, distributors, and consumers to coexist in a transparent settlement system using blockchain smart contracts.

Welcome to LABEL! In today’s article we will explain the recent issues surrounding NFTs that have been gaining popularity in the entertainment industry. We will also take time to find out how LABEL will use NFTs to organize and utilize their content ecosystem.

First of all, to briefly explain NFTs, they are an irreplaceable, original, digital product. In the past, original digital products had a strong disadvantage in that they could be duplicated indefinitely. However, NFTs give individual pieces of digital content unique values to make them one of a kind. NFTs have captivated Millenials and Gen Z, who want to have their own unique products.

Recently, NFTs have been even more prominent in the entertainment market. The combination of NFTs and fandoms creates tremendous synergy. The fast-moving entertainment culture has already begun to incorporate NFTs into fandom culture by making limited edition NFT goods and providing them to fans.

Famous artist Kang Daniel, who collaborated with Kakao’s blockchain subsidiary Ground X, presented NFT photo cards during a fan meeting to excite his fans. Also, Dunamu held an event to airdrop K-pop star Mad Monster’s special NFT video in July. As you can see, artists and entertainment managers are gradually moving toward entering the NFT market.

While it has become clear that NFTs being used in fandoms is one of the top 10 trends of the year, NFTs go beyond simply purchasing and enjoying products. They also contribute to creating a strong bond between artists and fans.

LABEL aims to return the true value of digital education content back to the creators. They will create a space for creators, inventors, consumers and distribution platforms to gather and coexist within a single ecosystem. LABEL is based on blockchain technology. Therefore, it proposes a platform based on a joint investment format where anyone with global intellectual property can initiate a new training course and monetize its true value. Through this practice, LABEL implements the true meaning of the term, “Value Chain” by producing global education course content and providing a truly transparent, share-based monetization structure. At the same time, they will also address and solve the problems of the entrenched education content market.

  1. Incubating

On the LABEL Platform, anyone can register a course that is related to career education or job training. However, in order for the course to be eligible for listing on the platform, it has to go through the voting system. Here, the votes are governed by the users, and the selection process is carried out according to their votes. Once the selection process is over, the chosen course will be provided with investments in the form of LBL tokens. These are contributed by partner sales platforms, consumers, or individual investors. Afterwards, compensation will be made to contributors who participated in marketing through promotional functions.

2. Settlement System through the usage of NFTs and Smart Contracts

The courses that successfully receive investments will be registered as an NFT standard. This will clearly illustrate the ratio of the ownership according to the contributions of instructors, voters, and investors. The information about sales revenue from partner platforms will be released on the NFT Page. The profit generated by the course will be accurately distributed based on the NFT Equity Ratio which is registered in a smart contract.

3. NFT Market

Both course creators and participants, who contributed during the incubation process (voters, investors, sales platforms, and promoters), can sell shares of their NFTs through the NFT Market. This in turn allows NFT owners to quickly earn some of their expected future profits and liquidate their positions, and also allows buyers to continue earning stable returns. It contributes to ecosystem activation by providing convenient transactions for IP rights based on transparent and efficient contribution assessment and settlement systems.

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