Web3 streaming is receiving a boost as the LABEL Foundation has joined forces with LG Electronics to introduce a Web3-native music streaming platform on Smart TVs. This partnership represents a significant milestone in reshaping the global music streaming landscape.
LG is a South Korean multinational conglomerate that operates in various industries, including electronics, chemicals, and telecommunications.
LG Electronics is a subsidiary of LG Corporation and is headquartered in Seoul, South Korea. LG Electronics is divided into four business units: home entertainment, mobile communications, home appliances & air solutions, and vehicle components.
The LABEL Foundation is a Web3 firm that operates a blockchain-based NFT and copyright fee-sharing platform called Tracks, which is an advanced music streaming platform.
The foundation’s parent company, Clesson, has received $2 million in equity funding to lead the Web 3.0 content industry.
Using TRACKS dapp
The duo will integrate the decentralized application, TRACKS music, into the worldwide network of LG Smart TVs.
According to the foundation, TRACKS will serve as a complimentary Background Music (BGM) service for LG Smart TV users globally, providing them access to an extensive music catalog at no cost.
The LABEL Foundation owns the TRACKS Dapp, which is a decentralized music ecosystem built on blockchain technology.
The dapp which is available for both Android and iOS users, rewards users with MIN POINTs which reflect how long they engage with the app’s music content.
These points unlock Mystery Boxes containing rewards like BLB tokens, NFTs, and vouchers, enhancing your overall experience on DApp TRACKS, and according to the foundation, the partnership with LG brings this as part of the benefits users will get.
Hyungsoon Choi, the Chief Strategy Officer of Label Foundation, said that the significance of their partnership with LG Electronics is a major achievement for the music industry because it represents the smooth integration of Web3 technology into a very central and important aspect of people’s lives.
Essentially, it means that with this partnership, the technology associated with the decentralized web (Web3) will be seamlessly incorporated into the entertainment experiences people have in their homes, particularly through LG Smart TVs.