LÜM to launch ‘Access Pass’ NFTs for 25 globally known musicians

U.S.-based music platform LÜM is ready to announce 25 partnerships with globally recognized musicians as a part of a re-launch involving NBA High Shot’s Dapper Labs later this quarter.

LÜM was based in 2018 and constructed up a consumer base of greater than 200,000 customers with a platform that supplied companies equivalent to social media, music streaming and micro-tipping for its partnered musicians and followers.

The agency has raised round $4.4 million value of funding since 2018 in line with knowledge from Crunchbase, and partnered with fashionable R&B singer-songwriter Ne-Yo again in 2020.

Nonetheless, LÜM is now shifting on from that enterprise mannequin and is relaunching on Dapper Labs’ Circulation blockchain in March with the main target shifting to musician-related NFTs.

LÜM will initially roll out an NFT market and fan engagement platform alongside NFTs dubbed “Entry Passes.”

Customers of the platform will be capable to purchase NFTs tied to their favourite musicians and commerce them amongst a neighborhood of followers, whereas long run hodlers might be granted rewards equivalent to precedence entry to artists’ future NFT drops, unique content material and dwell leisure experiences.

Musicians will be capable to construct their communities and launch their very own Entry Passes which can be utilized to crowdfund tasks equivalent to new album releases. It doesn’t require artists to signal away any rights or mental property to middlemen in line with LÜM.

Intention to onboard 100 artists in 2022

Talking with Cointelegraph, LÜM CEO and founder Max Fergus was tight-lipped on who the 25 artists might be for the launch however indicated the broader aim is to onboard 100 high musicians in 2022 to “catalyze the mass adoption of blockchain-enabled know-how by artists, and followers”, whereas the long run intention is to companion with greater than 10,000 musicians.

Fergus acknowledged that LÜM selected to companion with Dapper Labs and launch on Circulation as a result of profitable and user-friendly mannequin of different NFTs tasks on the blockchain equivalent to NBA High Shot:

“For us, we actually needed to mannequin ourselves off NBA High Shot. A neighborhood that was constructing collective worth by bringing gamers beneath a person umbrella.”

NBA High Shot is the highest NFT challenge on Circulation, and has generated greater than $848.3 million value of secondary gross sales since launch in late 2020 in line with knowledge from CryptoSlam.

Fergus acknowledged that LÜM’s shift to the blockchain was a part of a push to get behind “revolutionary” Web3 tech and he believes the sector’s affect on the music business might be as revolutionary as going from vinyl data to on-line streaming.

“I’d put it on a really comparable stage to that. It is a wholly new method of not simply experiencing artists and music however a brand new method of opening up the overall addressable market.”

Associated: Dapper Labs turns into the primary NFT firm to register to foyer with the US authorities

Fergus acknowledged {that a} main subject he sees within the music business proper now’s “ particular person creators attempting to monetize their particular person fan base,” as he emphasised the significance of introducing a blockchain-based platform that hyperlinks completely different communities collectively.

“By unifying artists beneath an umbrella, we can’t solely cross-pollinate fanbases however simply introduce the blockchain neighborhood into artists that perhaps they’ve by no means even recognized earlier than,” he mentioned.