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Date: Dec 15th, 2021
Time: 7AM UTC
Guest: Hyungsoon Choi
Host: Jorge Sáez
Venue: https://t.me/nftbcommunity
AMA Structure
- First segment: Questions from the host.
- Second segment: Live community questions.
- Prizes: $800 🔥
Winners will be chosen from the Second Segment and from the Twitter Question round. Please note: Only valid entries will be eligible for prizes (Those entries that comply with the rules).
Rules
Please make sure to follow the rules to qualify for the rewards:
1. Follow the Twitter accounts of @nftbmarket and @LABELFoundation
2. Reply to the related Tweet. https://twitter.com/nftbmarket/status/1471012146226081792?s=20
3. Use the #NFTb #LABELFoundation #NFTbAMASession hashtags
4. Questions must be asked within the AMA time frame.
AMA: LABEL Foundation
Welcome everyone to this exciting AMA with LABEL Foundation!🎉We are pleased to welcome Hyungsoon Choi @Cama002, CSO of LABEL 🙂
The LABEL platform builds up an ecosystem that establishes a fair and decentralized incubating system, that purports to provide the content creators in the MOOC industry easier access to the investment, promotion and distribution of their IP rights, hence aims to improve an unfair profit structure that exists in the sphere, striving to prevent copyright infringement cases across the industry.
The ultimate mission of the LABEL Foundation is to give the content creators a robust Web 3.0 platform to access permissionless investing opportunities and a decentralized approach to IP protection. Apart from that, we aim to provide the best entertainment education to our consumers. This will be available by attracting creators such as top artists, entertainment companies, and art universities.
LABEL will use our Launchpad to make an IDO of its native token $LBL 🔥
Hyungsoon Choi is Label’s CSO and also CEO of Opentrack. He graduated from Seoul National University, the number one university in South Korea and majored in Business. He worked for the South Korean web search company Naver, Korea’s largest IT company, as a service manager. While working for Naver, he founded a music platform to help his musician friends who are struggling to earn money. From the experience of running the company for 6 years, he discovered that there is no decentralized platform in entertainment education and decided to bring distributed ledger technology to this industry.
AMA Questions
Q1. What inspired you to build LABEL?
Hyungsoon: That’s a great question! As I mentioned previously I have been running a music content platform company for 6 years helping artists and talented young people who desired to be in the music industry to achieve their goals. As you might know most beginners in the music industry struggle with the monetization of their talent, artwork, and IP rights. There was our mission, to help young ambitious artists to succeed in the competitive area. With this idea, we were successfully running one of the biggest music content platforms where you might have masterclasses from BTS’s producers and many grammy-awarded professional musicians. After thorough research, my co-founder and I have come to the realization that there is no decentralized platform in entertainment education. So we decided to bring distributed ledger technology to this industry and this is how the LABEL Foundation came into existence.
Q2. Can you briefly explain what LABEL is and how it combines the worlds of education, entertainment, music and NFTs?
Hyungsoon: LABEL is an unparalleled NFT infrastructure built on top of Ethereum Network, powered by LBL utility and governance token with a goal to establish a fair profit-sharing ecosystem with the permissionless integration of IP rights. It provides a decentralized P2P incubating platform to invest in world-class entertainment-education content through the DAO voting system to further allow contributors to claim profits through the NFT shareholding mechanism.
Q3. Tell us about LABEL’s partners and backers.
Hyungsoon: Label Foundation has strong backers and well-established strategic partners. For bakers, we have leading venture capitals and institutions in the blockchain sphere, such as GBIC, Mindfulness Capital, IOST, M6, Adaptive, Icetea Labs, Alphabit, and Pragma. Recently Solanium has joined as a Strategic investor. When it comes to stategic partners, our list is getting longer by the time, for the last 2 months we have established strategic partnerships with Clesson which is the core partner, Curvegrid that integrated with our team make LBL multichain platform, NFTb, RedKite, and we are in discussion with 2 additional strategically vital partnerships currently.
Q4. Can you tell us about some compelling features for LABEL, and what is the main difference between the traditional MOOC platforms and LABEL?
Hyungsoon: Our main differentiator from traditional MOOC and entertainment platforms is centered around using the innovations of the blockchain industry to more fairly and effectively distribute IP. In traditional MOOC platforms, creators would face a high barrier to entry because of the need for agency for the transmission, distribution, and marketing of their content. These people are usually not equal participants in the distribution channels and do not receive their fair share of the pie because of all the middlemen between the instructor and learner. We differentiate ourselves from traditional educational-entertainment platforms by solving this problem in the market. We provide a system that allows users to purchase and sell content by minting NFTs, making it easy for anyone to own their content, seek investments for it, and distribute it. To power this platform we are making a NFT marketplace, deploying smart contracts for crowdfunding, and proving a DAO mechanism through voting. Through LBL users can receive profit, vote on the incubation of content, participate in crowdfunding, distribute rewards, pay other users and trade NFTs
Q5. What is the utility of the $LBL token in the LABEL ecosystem and how can users be rewarded for owning it?
Hyungsoon: The $LBL is an Ethereum-based utility and governance token that is primarily oriented to drive the growth on the LABEL platform, and is a critical unit to integrate all its features and to provide increasing levels of decision-making ability and control over the decentralized platform to the stakeholders. LBL Holders are entitled to the additional rewards, provided they engage in staking their LBLs in the DAO, which also enables the holders to participate in the major governance voting processes. LBL Token is primarily utilized to build the robust token economy in the LABEL Platform by serving as a payment, staking and governance unit.
Q6. Community support is one of the most important aspects of a project’s success, so how do you plan to attract more users and expand your community globally?
Hyungsoon: As you might have noticed our communities have been growing quite fast, as our community members currently expanded to more than 100,000 users across different social media platforms. We believe that having a vibrant and active community is the essential pillar for the growth of any blockchain-based platform. We keep having an active communication with our users to hear their voices and reflect their feedback in our development process. We are forever grateful for all the help and support that we keep receiving from our beloved community.
Q7. Can you share and comment with us a little about the LABEL Roadmap and Tokenomics?
Hyungsoon: I will try to cover the question related to our roadmap as we have already talked about tokenomics. The first phase was the setup for MOOC platform and the basic infrastructure for decentralized systems such as NFT market proto and profit share structure and we have been building it from 2020 to 2021. In 2022, which is the second phase. The general decentralized system will be developed and applied to the real service. Wallet, smart contract, NFT market, and $LBL payment launch would be the tasks. And 2023, in the last phase, DAO governance will be launched in Q3 which will finish our ecosystem.
Jorge: @Cama002 Thank you so much for your responses guys and for taking the time to let our amazing community know a little more about LABEL 👍
We will unmute the chat to start Live Questions! Thanks to everyone for participating! 🔥
- Reminder: The round of questions on Twitter is still live!
- Prizes: $800 🔥
- Winners: will be chosen from the Second Segment and from the Twitter Question round.
NFTb Community questions
@Crossmani
Q1. How do you ensure that you can handle the piracy issues, that can easily download your content on your platform and further spread it across the internet, thereby lowering the profits?
Hyungsoon: This issue is relevant across any content providing platform. We will first of all try to block the main piracy misbehaviours on the early-stage by disabling the download functionality and thereby limiting the piracy cases by 90%. At the later stage, we will provide the value for the content consumers, so that they will naturally avoid the pirating cases. But again, this is a very pervasive issue that cannot be tackled even by the market leaders in the entertainment industry, but we will do our best to implement the world-best practices to avoid the misconduct.
@Kirrilo
Q2.How does Label governance work? What type of Governance does Label have? Requirements to participate in Label governance?
Hyungsoon: In a nutshell, besides the common DAO structure, and VP (voting power) that LBL tokens give holders, Label also has so-called NFT Share Ownership: By owning an NFT share issued by a specific content creator, the owner acquires a certain amount of VP according to the share amount. VP before DAO introduction is determined by the LABEL team, and after DAO introduction, DAO determines the amount of VP to be granted to the NFT holders.
@africanmadame
Q3.I want to participate in incubating system and invest in leading NFT IPs. How can I do that sir?
Hyungsoon: First and foremost, the incubating system is currently in development, but it will be enabled through the staking protocol. Basically, the user will have to first stake their LBL tokens and get access to the ongoing funding procedures through the NFT shareholding allocation system in the incubation platform. The user will be able to allocate the funds (provided he staked his LBL) to the IPs and get part of the NFT ownership.
@Janetroseo
Q4.How can you the users gain access to the contents platform in label foundation?
Hyungsoon: This is a good question! In fact, as you might already know, LABEL Foundation is being built by the OPENTRACK, which already has an operating platform, where users can pay the subscription fee and watch the courses that are available on their platform. You can test it out there, as it will be the same in LABEL Foundation
@Koreanmach
Q5.How do you plan to sustain your business in such turbulent times as right now? The market is a little volatile, hence the question, can you succeed even if the market is bearish?
Hyungsoon: This is a good question, but you should know that the best projects are always built-in hard and volatile times. We are here to become the leading entertainment platform built on top of distributed ledger technology. It might take some time for us to fully develop every project pillar, but our metrics are always concentrated on the user base, sales, growth trajectory, etc. Surely, these metrics can be impacted by the negative market conditions, but we are committed to doing our best to keep up with our internal KPIs. Thank you NFTb community. It was truly hot AMA.
🔗LABEL Social Media Links 🔗
• Visit our Website: https://label.foundation/
• Follow us on Twitter: https://twitter.com/LABELFoundation
• Join Telegram Community: https://t.me/LABEL_foundation
• Join Telegram ANN: https://t.me/labelfoundation
• Facebook: https://www.facebook.com/labelfoundation
Jorge: Thanks for sharing, for those who want to know more about LABEL, do not hesitate to join their channels 🔥🚀
@Cama002 It has been a pleasure to share with you and thanks again for dedicating time to our amazing community so that they know a little more about LABEL🔥
@owlbe @Gabrielleisrealgem Thank you guys for your support 🔥
Thank you all for participating! 🔥 See you all Tomorrow at IDO! 🚀🚀
LABEL AMA Recap with NFTb was originally published in NFTb on Medium, where people are continuing the conversation by highlighting and responding to this story.
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