LÜM launches an NFT "Access Pass" for 25 famous musicians around the world

As part of a relaunch later this quarter, US music platform LÜM announced a partnership with 25 of the world's biggest names, including NBA Top Shot's Dapper Labs.

Founded in 2018, LÜM has grown to over 200,000 users thanks to its platform providing services such as media, music streaming and micro-information to musicians and cooperative fans.

He's raised $ 4.4 million in revenue since 2018, according to Crunchbase, the company that will partner with popular R&B singer-songwriter Ne-Yo in 2020.

However, LÜM is currently reversing this industrial model and will resume in March on Dapper Labs' Flow blockchain with a focus on musicians linked to NFTs.

LÜM will first announce the commercial and fan partnership of NFT, with NFTs called "Access Passes".

Platform users can purchase NFTs to interact with their favorite musicians and redeem them in the fan community. Long-time holders will receive prizes such as access to the artist's upcoming NFT broadcast, special content, and live entertainment.

Musicians can advertise passages they can use to build their own communities and crowdfunding campaigns such as the release of new songs. According to LÜM, artists do not have to sign any rights or intellectual property rights to intermediaries.

The goal is to find 100 artists by 2022

In an interview with Cointelegraph, Max Fergus, CEO and founder of LÜM, declined to comment on the names of the 25 artists, but said the larger goal was to "raise awareness of the blockchain to artists and fans" by finding the 100 top musicians of 2022 .. Adoption of technology "and the long term goal is to work with more than 10,000 musicians.

Fergus said LÜM decided to partner with Dapper Labs to develop Flow due to the success and user-friendliness of other NFT operations on the Flow blockchain, such as the NBA Top Shot.

"We want to follow the lead of the NBA Top Shot, a community that creates collective benefits by putting players under one roof."

NBA Top Shot is Flow's most popular NFT project and has made more than $ 848.3 million in used sales since its launch in 2020, according to CryptoSlam.

Fergus said LÜM's transition to blockchain is part of driving Web3 technology.

“I'm going to put this on a similar level for that. It's not a new way of learning art and music, it's a new way of opening up the whole genre. Targeting the industry. "

Fergus spoke about the importance of using a blockchain platform that connects different communities, saying the key issue currently facing the music industry is "producers looking to make money on their own. fan base ".

“By bringing artists together under one roof, not only will our fans be connected to each other, but it will also make it easier to introduce blockchain communities to artists - things they didn't know before,” he said. .