Users of the LÜM platform will be able to purchase NFTs associated with their favorite performers and exchange them with other fans.
LÜM, a music platform located in the United States, is slated to unveil 25 collaborations with well-known musicians later this quarter as part of a re-launch with NBA Top Shot’s Dapper Labs.
LÜM: What You Need to Know
LÜM was created in 2018 and has grown to over 200,000 members with a platform that offers services including social networking, music streaming, and micro-tipping to its associated musicians and followers.
According to Crunchbase statistics, the company has raised $4.4 million in investment since 2018, and in 2020 teamed with prominent R&B singer-songwriter Ne-Yo.
LÜM, on the other hand, is abandoning that business model and will relaunch in March on Dapper Labs’ Flow blockchain, with an emphasis on musician-related NFTs. LÜM will launch an NFT marketplace and fan engagement platform with “Access Passes,” which are NFTs.
“When designing our First Fan Access Passes, every detail was taken into account.We wanted to create something that felt exclusive, collectible, but looked & felt functional. Something fans will cherish but could expect to use IRL and in the future music metaverse.”#MusicNFT pic.twitter.com/pnOmfaS7OX— LÜM (@lum_xyz) January 12, 2022
Users of the platform will be able to buy and sell NFTs attached to their favorite singers, with long-term hodlers receiving benefits like as preferential access to artists’ future NFT releases, unique content, and live entertainment experiences.
Musicians will be able to create their own groups and launch their own Access Passes to crowdfund initiatives like new record releases. According to LÜM, artists are not required to sign over any rights or intellectual property to middlemen.
By 2022, the goal of LÜM is to have 100 artists on board
LÜM CEO and founder Max Fergus were tight-lipped about who the 25 artists for the launch will be in an interview with newsmen, but said the overall goal is to onboard 100 top musicians in 2022 to “catalyze the mass adoption of blockchain-enabled technology by artists, and fans,” with the long-term goal of partnering with more than 10,000 musicians.
LÜM opted to work with Dapper Labs and debut on Flow, according to Fergus, because of the success and user-friendly paradigm of other NFTs ventures on the blockchain, such as NBA Top Shot:
“For us, we really wanted to model ourselves off NBA Top Shot. A community that was building collective value by bringing players underneath an individual umbrella.”
According to data from CryptoSlam, NBA Largest Shot is the top NFT project on Flow, with moreover $848.3 million in secondary sales since its introduction in late 2020.
LÜM’s move to the blockchain as part of a campaign to support “revolutionary” Web3 technology, according to Fergus, and he believes the sector’s influence on the music business will be as dramatic as the transition from vinyl records to internet streaming.
“I would put it on a very similar level to that. It’s an entirely new way of not just experiencing artists and music but a new way of opening up the total addressable market.”
Fergus remarked that “individual creators trying to monetise their particular fan base” is a huge issue in the music industry right now, emphasizing the significance of establishing a blockchain-based platform that connects multiple communities.
“By bringing artists together under one roof, we can not only cross-pollinate fanbases but also introduce the blockchain community to musicians they may not have heard of before,” he explained.
