Listing on Korean exchanges has become tedious and difficult due to strict restrictions and high-level regulation by financial regulators. The local market seems to have come to a standstill in the face of such severe regulatory restrictions. Most of the country's exchanges have experienced blackouts as a result of failing to meet minimum regulatory standards and continue to struggle even today.

That said, the country's cryptocurrency community is still strong and optimistic that things will eventually improve. This may be the case after Clesson (LABEL's parent company) acquired stakes from several important investment firms that are influential in the Korean market, which led to LABEL Foundation receiving approval from one of the country's major exchanges, Coinone, as well as being listed in the Korean currency, KRW.

Understanding labels

In layman's terms, LABEL is an NFT platform built using blockchain technology to promote entertainment and music by providing customers with a variety of simple investment tools, fair revenue sharing and trusted marketing technology.

LABEL is essentially a seemingly unparalleled NFT infrastructure built on top of the Ethernet network, powered by the LBL utility and governance tokens. LABEL's main goal is to create an equal profit-sharing economy that also includes license-free intellectual property, something that has been lacking for some time.

In addition, it aims to remove the many barriers that are currently in place in the entertainment industry. Countless artists often have to deal with agency fees, and they usually only get about 15% of their total revenue. LABEL wants to change all that and make things fairer and more equitable so that the power and control is returned to the content creators themselves.

Korean regulations remain an issue

The current state of the cryptocurrency market is not good, and many predict that things could aggressively worsen before they get better. Nevertheless, there may be light at the end of the tunnel as LABEL not only hopes to achieve the aforementioned goal of empowering content creators, but the team also wants to show that the industry does have a future in the country.

To this end, the LABEL Foundation has demonstrated a high level of traction and growth momentum with the launch of version 2 of the OPENTRACK content platform and the establishment of relationships with many industry giants. Likewise, by launching their NFT marketplace and infrastructure, the LABEL team will begin an influx of protected intellectual property that will go through the NFT process and be distributed to consumers through their incubation platform. LABEL's official website, Facebook, Twitter and Telegram have more information.

The post LABEL Fund Proves There's a Light at the End of the Tunnel for the Korean Cryptocurrency Community appeared first on Blockonomi.