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LÜM will release ’Access Pass’ NFTs for 25 well-known musicians
"We truly wanted to be modelled by NBA Top Shot." "A community that was creating collective value by putting participants under an individual umbrella," stated Max Fergus, CEO and Founder of LÜM.
LÜM, a music platform based in the United States, is slated to unveil 25 partnerships with well-known musicians as part of a relaunch incorporating NBA Top Shot's Dapper Labs later this quarter.
LÜM was launched in 2018 and grew to over 200,000 members with a platform that offered services including social media, music streaming, and micro-tipping to its partnered musicians and followers.
According to Crunchbase data, the company has raised approximately $4.4 million in funding since 2018, and has teamed with prominent R&B singer-songwriter Ne-Yo in 2020.
However, LÜM is abandoning that business model and will relaunch in March on Dapper Labs' Flow blockchain, with an emphasis on musician-related NFTs.
LÜM will first launch an NFT marketplace and fan engagement platform, as well as NFTs branded "Access Passes."
Users of the site will be able to purchase and trade NFTs associated with their favourite musicians, while long-term hodlers will be rewarded with benefits like as priority access to artists' future NFT drops, unique content, and live entertainment experiences.
Musicians will be able to create their own groups and offer their own Access Passes to crowdfund initiatives such as new record releases. According to LÜM, artists are not required to sign away any rights or intellectual property to middlemen.
By 2022, the goal is to have 100 artists on board.
In an interview with Cointelegraph, LÜM CEO and founder Max Fergus remained tight-lipped about who the 25 artists will be for the launch, but stated that the overall goal is to onboard 100 top musicians in 2022 to "catalyse the mass adoption of blockchain-enabled technology by artists, and fans," with the long term goal of partnering with more than 10,000 musicians.
According to Fergus, LÜM opted to collaborate with Dapper Labs and launch on Flow due to the successful and user-friendly paradigm of previous blockchain-based NFTs initiatives such as NBA Top Shot:
"We definitely wanted to model ourselves after NBA Top Shot." A community that was creating collective value by bringing participants together under a single canopy."
NBA Top Shot is the most popular NFT project on Flow, with more over $848.3 million in secondary sales since its introduction in late 2020, according to CryptoSlam data.
According to Fergus, LÜM's move to blockchain was part of a campaign to support "revolutionary" Web3 technology, and he believes the sector's impact on the music industry will be as dramatic as the transition from vinyl records to internet streaming.
"I'd put it on a comparable level to that." It's a completely new method of not only enjoying artists and music, but also of expanding the overall addressable market."
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By Crypto Pirates"We truly wanted to be modelled by NBA Top Shot." "A community that was creating collective value by putting participants under an individual umbrella," stated Max Fergus, CEO and Founder of LÜM.
LÜM, a music platform based in the United States, is slated to unveil 25 partnerships with well-known musicians as part of a relaunch incorporating NBA Top Shot's Dapper Labs later this quarter.
LÜM was launched in 2018 and grew to over 200,000 members with a platform that offered services including social media, music streaming, and micro-tipping to its partnered musicians and followers.
According to Crunchbase data, the company has raised approximately $4.4 million in funding since 2018, and has teamed with prominent R&B singer-songwriter Ne-Yo in 2020.
However, LÜM is abandoning that business model and will relaunch in March on Dapper Labs' Flow blockchain, with an emphasis on musician-related NFTs.
LÜM will first launch an NFT marketplace and fan engagement platform, as well as NFTs branded "Access Passes."
Users of the site will be able to purchase and trade NFTs associated with their favourite musicians, while long-term hodlers will be rewarded with benefits like as priority access to artists' future NFT drops, unique content, and live entertainment experiences.
Musicians will be able to create their own groups and offer their own Access Passes to crowdfund initiatives such as new record releases. According to LÜM, artists are not required to sign away any rights or intellectual property to middlemen.
By 2022, the goal is to have 100 artists on board.
In an interview with Cointelegraph, LÜM CEO and founder Max Fergus remained tight-lipped about who the 25 artists will be for the launch, but stated that the overall goal is to onboard 100 top musicians in 2022 to "catalyse the mass adoption of blockchain-enabled technology by artists, and fans," with the long term goal of partnering with more than 10,000 musicians.
According to Fergus, LÜM opted to collaborate with Dapper Labs and launch on Flow due to the successful and user-friendly paradigm of previous blockchain-based NFTs initiatives such as NBA Top Shot:
"We definitely wanted to model ourselves after NBA Top Shot." A community that was creating collective value by bringing participants together under a single canopy."
NBA Top Shot is the most popular NFT project on Flow, with more over $848.3 million in secondary sales since its introduction in late 2020, according to CryptoSlam data.
According to Fergus, LÜM's move to blockchain was part of a campaign to support "revolutionary" Web3 technology, and he believes the sector's impact on the music industry will be as dramatic as the transition from vinyl records to internet streaming.
"I'd put it on a comparable level to that." It's a completely new method of not only enjoying artists and music, but also of expanding the overall addressable market."
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