The LABEL Foundation, a Web3 music streaming foundation, just announced it has teamed up with LG Electronics to integrate its TRACKS dApp on Smart TVs sold globally.
The LABEL Foundation is a Web3-focused platform owned by Clesson. Its product TRACKS is a blockchain-based NFT and copyright fee-sharing platform that specializes in streaming a vast catalogue of Web3 music.
According to the report, the TRACK dApp (currently available on iOS and Android) will be integrated into LG Smart TVs sometime next year. It will work as a complimentary to Background Music (BGM) on LG Smart TVs, giving users around the world free access to blockchain-based music.
Through TRACKS‘ “Listen-to-Earn” feature, users can earn tokens by streaming music, promoting artists, and participating in community polls. The tokens can be converted to other types of cryptocurrencies, sent to musicians, or used to unlock exclusive content.
The Chief Strategy Officer of LABEL Foundation, Hyungsoon Choi, said that new partnership will let the platform seamlessly integrate its Web3 technology “into the heart of entertainment — the living room.” He added that LABEL Foundation was excited to partner with LG and that they look forward to a “bright future” of collaboration as they “redefine the way the world experiences music.”
The collaboration should also benefit artists. TRACKS, like most Web3 music platforms, prides itself on giving musicians a better share of streaming revenue than traditional streaming platforms. Worth noting, this is the first time a Web3 music streaming service will be integrated on TV sets.
LG is a multinational technology conglomerate based in Seoul, South Korea. LG Electronics focuses on mobile communications, home appliances and air solutions, home entertainment, and vehicle components. Among other things, its LG Smart TVs are known for high-quality audio.
Web3 Music Is Bumping
The partnership between LABEL Foundation and LG Electronics comes at a time when Web3 music and blockchain-based streaming platforms are picking up steam. At Rarity Sniper, we’ve written at length about NFT music, and rarely a week goes by when a Web3 music story isn’t breaking. Here are some of the top headlines from recent months.
- Web3 Music Platform Sonorus Gains 160K Users in Six Months
- Earl Sweatshirt & The Alchemist Unveil NFT Album on Gala Music
- Grimes’ NFT Profits Eclipse Music Career Earnings
- Coca-Cola Partners with SolSea for Music Festival NFT Drop
- Mastercard Strikes a Chord with Free Music NFTs
- Audius Integrates NFT-Gating for Musicians’ Content
- Napster Explores Music Distribution Through NFTs
In an industry known for short-changing creators, NFTs and blockchain-based music could be a godsend for musicians. It will likely take some time for the world to transition from Web2 streaming to blockchain-based streaming platforms like TRACKS and Gala Music, but the latest collaboration between LABEL Foundation and LG shows we could be headed in that direction.
At Rarity Sniper, we’ll keep our eyes (and especially our ears) open for any new developments in the story.