In this market, vital strategic alliances are critical to ensuring both longevity and prosperity. As a result, the LABEL Foundation has formally announced a cooperation with Polygon Studios, with the objective of pursuing their multichain goal and launching their Dapp on Polygon Network, as well as Binance Smart Chain and Ethereum Network.
What exactly is a polygon?
Polygon is a Layer-2 scaling solution that works in combination with the Ethereum blockchain to speed up and reduce the cost of transactions. Polygon is a PoS (Proof-of-Stake), Ethereum Virtual Machine (EVM) compatible, secure Layer-2 solution for dApps (decentralized applications) with fast transactions and low expenses.
Polygon Studios is Polygon’s gaming and NFT subsidiary, dedicated to contributing to the global blockchain-based gaming and NFT industry as well as bridging the gap between Web 2.0 and Web 3.0 gaming through investment, marketing, and developer assistance.
What benefit does the collaboration provide?
The collaboration between LABEL and Polygon benefits everyone concerned in two ways. For starters, it enables the LABEL team to have a high throughput and scale for their NFT marketplace without charging outrageous fees, and it also aids in connecting other projects in Polygon’s ecosystem.
Furthermore, LABEL has recently created an on-ramp payment agreement with one of the industry’s unicorn firms – MoonPay, which also happens to be Polygon Studios’ strategic partner, and the two are presently partnering to launch the NFT NYC event in June. The LABEL team will leverage their connections to further their collaboration with Polygon-based initiatives. Furthermore, the LABEL Foundation is expanding Polygon’s network of projects and will continue to collaborate with them in the near future.
LAEBL Foundation is an NFT infrastructure that acts as a breeding ground for world-class entertainment-education content. It is backed up by the LBL governance and utility tokens, with the main goal of creating a fair profit-sharing economy with permissionless IP rights implementation. In the middle of a market crisis, LABEL Foundation had likewise lately reached an all-time high. According to Coinmarketcap, its price has climbed by 140 percent over the weekend to $0.044 USD.
Furthermore, it currently has over 100 courses available, with well-known musicians ready to be launched on its platform. As a result, the LABEL Foundation is creating a blockchain-based online education network. LABEL will also launch its NFT marketplace in June, which will comprise collectibles, items, and profit-sharing NFTs. LABEL is also currently onboarding artists for potential NFT projects.
Ultimately, LABEL aspires to be more interoperable with a wide range of other chains. The team believes that multichain is the way of the future, which is why they want to deploy on additional networks in the long run. For the time being, it will take NFTs created in Polygon as well as payment in the form of LABEL’s ERC-20 and BEP-20 tokens.