Nodal Labs, a blockchain powered freelance platform aiming to resolve the late payment and unfair scope through its fully automated system of smart contracts. The freelance platform was launched today in the UK with 20,000 signups already and £250m recruitment contract put in place.
Nodal Labs specializes in creative, visual effects, construction, property, and engineering sectors. Along with its launch today, the firm secured a £250 million deal with a specialist recruitment firm Minstrel. The aim behind forming a blockchain powered freelance platform is to cut the wastage of time and energy involved in the recruitment process.
The company is aiming to build an ecosystem which can streamline the workflow and ensure that every party involved in the work process can get on with the job at hand.
Nodal Labs CEO & founder Oliver Hibbs-Brockway said,
“We must put employers and freelancers on an equal footing, to build relationships that start well and flourish – the freelance economy is here to stay.”
Another Investment Round Might Increase the Value of Nodal Labs Even Further
Nodal Labs might have garnered £250m investment with its launch, but the company is planning to enter another round of funding next month to boost its current offerings and overall valuation. Nodal Labs has been developed in association with architectural design firm Foster & Partners, creative studio Access VFX, and VFX company Union VFX.
Simon Devereux, the founder of Access VFX said that the approach by Nodal labs is quite fantastic as it aims to eradicate some of the critical problems faced by freelancers and clients on a regular basis. He explained,
“The team at Nodal are solving a real challenge we come up against in our industry that artists secure work based on friendships and networks rather than merit and raw talent. We’re excited that this initiative is working to address this imbalance, level the playing field and introduce studios to a wider pool of diverse talent and fresh, exciting perspectives!”
The freelancing industry is quite large and equally complicated as clients have often delayed payments to the freelancers after the completion of the work, and thus a decentralized system like Nodal Labs has become the need of the hour. However, the Nodal Labs is currently focused on UI and Visual graphics sector, hopefully, other freelance sectors would also incorporate a similar work model.