LÜM, a music platform based in the United States, is slated to unveil 25 partnerships with well-known musicians later this quarter as part of a relaunch with NBA Top Shot's Dapper Labs.
LÜM CEO and founder, Max Fergus, is reported to have said, "We wanted to model ourselves off NBA Top Shot. A community that was building collective value by bringing players underneath an individual umbrella."
LÜM was established in 2018 and has expanded to over 200,000 members with a platform that offers services including social media, music streaming, and micro-tipping to its partnered musicians and followers. According to data sourced from Crunchbase, the company has raised $4.4 million in funding since 2018, and in 2020 teamed with renowned R&B singer-songwriter, Ne-Yo.
LÜM, on the other hand, is walking away from that business model and will rebrand in March on Dapper Labs' Flow blockchain, with an emphasis on musician-related NFTs. With NFTs nicknamed "Access Passes," LÜM will first release an NFT marketplace and fan engagement interface. On Twitter, LÜM posted:
"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."
Users of the platform will be able to purchase and trade NFTs attached to their favorite singers, with long-term hodlers receiving benefits like exclusive access to artists' future NFT drops, unique content, and live entertainment experiences.
Musicians will build communities and launch their Access Passes to crowdfund initiatives like releases of new albums. According to LÜM, artists are not required to sign away any rights or intellectual property to intermediaries.
Max Fergus was quiet about who the 25 artists for the launch will be in an interview with Cointelegraph. Still, he did say that the eventual aim is to bring 100 leading musicians onboard by 2022 to "catalyze 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, due to the success and user-friendly paradigm of previous NFTs products on the blockchain, such as NBA Top Shot, LÜM chose to join with Dapper Labs and debut on Flow. in his words,
"For us, we wanted to model ourselves off NBA Top Shot. A community that was building collective value by bringing players underneath an individual umbrella."
According to data from CryptoSlam, NBA Top Shot is the most valuable NFT project on Flow, with over $848.3 million in subsequent sales since its introduction in the last months of 2020.