Due to rigorous restrictions and high-level supervision from financial watchdogs, obtaining a listing on South Korean exchanges has become tedious and difficult. The local market appears to have come to a standstill in the face of such harsh regulatory restrictions. Due to their failure to achieve the minimum regulatory criteria, the majority of the country’s exchanges have thus experienced a blackout and continue to struggle even today.
Having said that, the nation’s cryptocurrency community remains strong and optimistic that things will eventually improve. This could be the case following Clesson’s (LABEL’s parent company) acquisition of equity capital from a couple of significant investment firms that are quite influential in the South Korean market which led to LABEL Foundation receiving approval from one of the country’s major exchanges, Coinone, along with a listing position with KRW, the nation’s currency.
In layman’s terms, LABEL is simply an NFT platform built using blockchain technology which promotes entertainment and music by providing customers with a variety of easy investment instruments, equitable income sharing, and trustworthy marketing techniques.
LABEL is, in essence, a seemingly unparalleled NFT infrastructure constructed atop the Ethereum Network and powered by the LBL utility and governance token. The main objective of LABEL is to build an equal profit-sharing economy that also includes permissionless IP rights, something which has been lacking for some time now.
Furthermore, it aims to remove the numerous impediments which have been erected in the present entertainment industry. Countless artists often have to deal with intermediation charges, and they typically only receive around 15% of the total revenue as well. LABEL wants to change all that and make things more fair and unbiased so that both the power and control returns to the content creators themselves.
South Korean regulations continue to be a problem
The current state of the cryptocurrency market is not great, and many predict that things could actively worsen before they get better. Still, there could be a light at the end of the tunnel as LABEL not only wants to achieve its aforementioned goal of empowering content creators, but the team also wants to show that there is indeed a future for this industry within the country.
To that end, with the launch of the OPENTRACK content platform’s second version and the creation of relationships with numerous industry giants, LABEL Foundation has exhibited high-level traction as well as growth. Likewise, through the launch of their NFT marketplace and infrastructure, the LABEL team shall begin the influx of protected intellectual property rights which will undergo the NFT process and be distributed to the consumers through their incubation platform. LABEL’s official website, Facebook, Twitter and Telegram have more information.