LÜM will launch "Access Pass" NFT for 25 well-known musicians around the world

U.S.-based music platform LÜM has announced partnerships with 25 of the world's biggest names in music as part of a relaunch later this quarter that will also feature NBA Top Shot's Dapper Labs.

Founded in 2018, LÜM has built a user base of more than 200,000 users through a platform that provides services such as social media, music streaming, and micro tipping for collaborating musicians and fans.

The company has raised about $4.4 million in funding since 2018, according to Crunchbase, and in 2020 it's teaming up with pop R&B singer-songwriter Ne-Yo.

However, LÜM is now changing this business model and will relaunch on Dapper Labs’ Flow blockchain in March, with a focus on NFTs associated with musicians.

LÜM will initially launch an NFT marketplace and fan engagement platform, as well as NFTs called “Access Passes.”

Users of the platform will be able to purchase NFTs related to their favorite musicians and trade them within the fan community. Long-term holders will receive rewards such as priority access to future NFT releases by artists, exclusive content, and live entertainment experiences.

Musicians will be able to build their own communities and launch their own Access Passes, which can be used to crowdfund projects such as new album releases. According to LÜM, it does not require artists to sign any rights or intellectual property rights to intermediaries.

Aim to bring in 100 artists by 2022

In an interview with Cointelegraph, LÜM CEO and founder Max Fergus was tight-lipped about the list of 25 artists, but said the broader goal is to bring in 100 top musicians in 2022 to "promote the adoption of blockchain by artists and fans." mass adoption of technology", with a long-term goal of working with over 10,000 musicians.

According to Fergus, LÜM chose to partner with Dapper Labs and launch on Flow due to the successful and user-friendly model of other NFT projects on the Flow blockchain, such as NBA Top Shot:

"We really want to follow the example of NBA Top Shot. A community that creates collective value by putting players under an individual umbrella."

NBA Top Shot is the hottest NFT item on Flow, with more than $848.3 million in secondary sales since its launch in late 2020, according to CryptoSlam.

According to Fergus, LÜM's move to blockchain is part of a drive to "revolutionary" Web3 technology, an area he believes will be as revolutionary for the music industry as it was from vinyl records to online streaming.

"I would put it on a very similar level to this. Not only is it a whole new way to experience artists and music, but it's also a new way to open up the overall target market."

Fergus said he sees a major problem facing the music industry right now as "individual creators trying to monetize their individual fan bases," emphasizing the importance of introducing a blockchain platform that connects disparate communities.

“By uniting artists under one umbrella, we not only allow fanbases to interact with each other, but also easily introduce the blockchain community to artists they may not have known before,” he said.

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