US-based music platform LÜM will announce 25 partnerships with world-renowned musicians as part of a relaunch involving NBA Top Shot's Dapper Labs later this quarter.
LÜM was founded in 2018 and built a user base of over 200,000 users with a platform that provided services such as social media, music streaming, and micro-tipping for its associated musicians and fans.
The firm has raised around $4.4 million in funding since 2018 according to data from Crunchbase and associated with popular R&B singer-songwriter Ne-Yo in 2020.
However, LÜM is now moving away from that business model and relaunching itself in Dapper' Laboratories Flow blockchain in March with the focus shifting to NFTs related to musicians.
LÜM will initially launch an NFT marketplace and fan engagement platform in conjunction with NFTs dubbed "Access Passes."
“When designing our First Fan Access Passes, every detail was considered.
We wanted to create something that felt unique, collectible, yet looked and felt functional. Something fans will appreciate but could look forward to using IRL and in the future music metaverse."#MusicNFT pic.twitter.com/pnOmfaS7OX
- LÜM (@lum_xyz) January 12, 2022
Platform users will be able to purchase NFTs tied to their favorite musicians and trade them among a community of fans, while long-term hodlers will receive rewards like priority access to future NFT releases from artists, exclusive content, and live entertainment experiences.
Musicians will be able to build their communities and launch their own access passes that can be used for crowdfunding projects like new album releases. It does not require artists to assign any rights or intellectual property to intermediaries according to LÜM.
Aims to incorporate 100 artists in 2022
Speaking to Cointelegraph, LÜM CEO and founder Max Fergus did not say who the 25 artists will be for the launch, but indicated that the broader goal is to bring in the top 100 musicians by 2022 to “catalyze mass adoption of the technology.” blockchain-enabled by artists." and fans”, while the long-term goal is to partner with more than 10,000 musicians.
Fergus stated that LÜM chose to partner with Dapper Labs and launch Flow due to the successful and user-friendly model of other NFT projects. on the block chain as NBA Top Shot:
“For us, we really wanted to model ourselves after NBA Top Shot. A community that created collective value by bringing players together under an individual umbrella.”
NBA Top Shot is the top NFT Project in Flow, and has generated more than $848.3 million in secondary sales since its launch in late 2020, according to data from CryptoSlam.
Fergus claimed that LÜM's move to blockchain was part of a push to support "revolutionary" Web3 technology and believes the sector's impact on the music industry will be as revolutionary as moving from vinyl records to online streaming. .
“I would put it on a very similar level to that. It's a whole new way to not only experience artists and music, but a new way to open up the total addressable market."
Related: Dapper Labs becomes the first NFT company to sign up to lobby the US government.
Fergus stated that a major problem he sees in the music industry right now is "individual creators trying to monetize their individual fanbase," and emphasized the importance of introducing a blockchain-based platform that links different communities.
“By unifying artists under one umbrella, we can not only cross fanbases, but also easily introduce the blockchain community to artists they may have never met before,” he said.
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