NFT infrastructure LABEL Foundation and Polygon’s gaming and NFT arm, Polygon Studios, have inked a deal to expand the blockchain capabilities of LABEL’s NFT marketplace. Label Foundation will leverage Polygon’s massive ecosystem and reach partnerships within Polygon’s network. As such, Label Foundation has announced implementing the MoonPay wallet into LABEL’s platform.
According to Label CMO Hyungsoon Choi, the collaboration will enable high, cost-effective throughput and scalability adoption, allowing users to engage in quicker transactions. The partnership also means the first step to multichain attribute, as bridging to Polygon mainnet is another goal of Label Foundation.
“We aim to make Label Foundation interoperable between networks connected by bridges,” said the Label team in a release.
Choi further expounded on the partnership, saying:
“Label’s NFT marketplace will launch with Polygon’s network fully integrated. During this time, we plan to connect with projects within the Polygon ecosystem to further enhance the growth of both projects.”
Discussing Label’s plans to become multichain, a representative from the company told CoinQuora:
In the meantime, the company focuses on supporting NFTs minted on Polygon and payment through both its ERC-20 and BEP-20 tokens.
Label also informed CoinQuora about their partnership with crypto payments platform MoonPay, that it would tap into MoonPay’s solution as a payment provider for their NFT marketplace. Label plans to utilize its ties with Polygon’s network of Dapp projects and will continue to expand its collaborations with projects within the ecosystem.
Label is set to launch its first collection of exclusive NFTs in July in collaboration with prominent artists. The collection will include collectibles, merchandise, and profit-sharing NFTs. Polygon was said to facilitate the new drop and succeeding releases of Label’s NFTs in their marketplace. Label told CoinQuora that they are currently onboarding more artists for the upcoming NFT drops.
Although Label has yet to disclose which NFT artists have involvement in this project, it assures its community that the company will keep them posted on social media about the intricate details of the launch.
The market drowned in red these past few weeks. Despite this, the price of Label Foundation (LBL) spiked by 250+%, reaching its all-time high of $0.052 on April 25, according to CoinGecko.
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Source: Cryptocurrency - investing.com
