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

US-based music platform LÜM is set to announce 25 partnerships with globally recognized musicians as part of a relaunch that includes NBA Top Shot’s Dapper Labs later this quarter.

LÜM was founded in 2018 and has built a user base of more than 200,000 users with a platform that provides services like social media, music streaming, and small gratuities to partner musicians and fans.

The company has raised about $4.4 million in funding since 2018, according to data from Crunchbase, and partnered with popular singer-songwriter Ne-Yo in 2020.

However, LÜM is now moving away from this business model and relaunching the Flow blockchain for Dapper Labs in March with the focus shifting to the music-related NFT.

LÜM will initially roll out the NFT Marketplace and fan interaction platform along with NFTs dubbed “Access Passes”.

Platform users will be able to purchase NFTs associated with their favorite musicians and trade them among a community of fans, while long-term hackers will be given rewards such as priority access to future NFT drops for artists, exclusive content, and live entertainment experiences.

Musicians will be able to build their own communities and launch their own access lanes that can be used for crowdfunding projects such as new album releases. Artists are not required to relinquish any rights or intellectual property to intermediaries according to LÜM.

Aim to have 100 artists in 2022

Speaking to Cointelegraph, LÜM CEO and founder Max Fergus was very frank about who the 25 launch artists would be, but noted that the broader goal is to engage 100 top musicians in 2022 in order to “spur mass adoption of blockchain-powered technology by artists. and fans”, while the long-term goal is to partner with more than 10,000 musicians.

Fergus stated that LÜM chose to partner with Dapper Labs and launch it in Flow due to the successful and easy-to-use model of other NFT projects on the blockchain such as the NBA Top Shot:

“For us, we really wanted to model ourselves on the NBA Top Shot. A community that was building collective value by bringing players under an individual umbrella.”

NBA Top Shot is the best NFT project on Flow, and has generated more than $848.3 million in secondary sales since its launch in late 2020 according to data from CryptoSlam.

Fergus stated that LÜM’s switch to blockchain was part of a push to get behind “revolutionary” Web3 technology, and he believes the sector’s impact on the music industry will be as revolutionary as the transition from vinyl records to webcasting.

“I would put it on a very similar level to that. It’s a whole new way to not only experience artists and music but also a new way to open up the mass market that can do business.”

Related: Dapper Labs becomes the first NFT company to register to lobby with the US government

Fergus stated that the main issue he sees in the music industry at the moment is “individual creators trying to monetize their individual fan base,” stressing the importance of offering a blockchain-based platform that connects different communities together.

“By uniting artists under an umbrella,” he said, “we can not only pollinate cross-border fan bases but easily introduce the blockchain community to artists they may not have known before.”