U.S.-based music platform LÜM is set to announce 25 partnerships with globally known musicians as part of a re-launch involving NBA Top Shot’s Dapper Labs later this quarter.
LÜM was founded in 2018 and built up a user base of more than 200,000 users with a platform that provided services such as social media, music streaming and micro-tipping for its partnered musicians and fans.
The firm has raised around $4.4 million worth of funding since 2018, according to data from Crunchbase, and partnered with popular R&B singer-songwriter Ne-Yo back in 2020.
However, LÜM is now moving on from that business model and is relaunching on Dapper Labs’ Flow blockchain in March with its focus shifting to musician-related NFTs.
LÜM will initially roll out an NFT marketplace and fan engagement platform, alongside NFTs dubbed “Access Passes.”
“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 NFTs tied to their favorite musicians and trade them, while long-term hodlers will be granted rewards, such as priority access to artists’ future NFT drops, exclusive content and live entertainment experiences.
Musicians will be able to build their communities and launch their own Access Passes, which can be used to crowdfund projects such as new album releases. It does not require artists to sign away any rights or intellectual property to middlemen, according to LÜM.
Aim to onboard 100 artists in 2022
Speaking with Cointelegraph, LÜM CEO and founder Max Fergus was tight-lipped on who the 25 artists will be for the launch but indicated the wider goal is to onboard 100 top musicians in 2022 to “catalyze the mass adoption of blockchain-enabled technology by artists, and fans,” while the…