Big News on the Horizon
This quarter, the music world is buzzing as Lüm, a United States-based platform, prepares for a grand re-launch. Buckle up, folks, because they’re partnering with 25 globally-known musicians as they embark on this exciting new journey with Dapper Labs, the creators of NBA Top Shot.
A New Era for Lüm
Founded in 2018, Lüm quickly gained traction, amassing over 200,000 users eager to connect through social media, music streaming, and micro-tipping for their favorite artists. With about $4.4 million in funding gathered since its inception, Lüm has always had its finger on the pulse of the music scene, most notably partnered with R&B star Ne-Yo back in 2020.
However, twist alert! They’re ditching their old business model and jumping on the blockchain bandwagon, specifically the Flow blockchain from Dapper Labs, set to roll out in March. They’re all about that nonfungible token (NFT) life now!
NFT Marketplace & Access Passes
So, what can we expect? A nonfungible token marketplace and a fan engagement platform are on the way. Plus, get ready to snag some “Access Passes,” which are sure to be the hottest commodities in town.
“When designing our First Fan Access Passes, every detail was taken into account…” – Lüm
Fans will have the opportunity to purchase and trade NFTs linked to their favorite musicians, and those who hold onto these precious tokens will enjoy juicy rewards like first dibs on upcoming NFT drops, exclusive content, and live experiences.
The Vision for Musicians
It’s not just about the fans! Musicians can create and launch their own Access Passes. Talk about a win-win! These passes can help crowdfund projects like new albums without artists having to surrender rights to middlemen.
Aiming for the Stars
Lüm’s CEO, Max Fergus, hinted at the 25 artists involved in this venture but kept the details under wraps. Their ambitious goal? Onboarding 100 top musicians in 2022 to turbocharge blockchain adoption among artists and fans alike, ultimately aiming to partner with an astounding 10,000 musicians.
Why partner with Dapper Labs, you ask? Fergus cites their user-friendly model, such as the success of NBA Top Shot, which has raked in over $848.3 million in secondary sales since launching in late 2020.
The Future of Music
Fergus envisions this leap into the blockchain as a watershed moment, akin to the transition from vinyl records to streaming services. The idea is clear: redefining how little, unrecognized artists can monetize their fanbases while linking diverse communities.
With Lüm’s platform, artists now have a way to cross-pollinate their audiences, merging both the NFT and music realms like never before. So, get ready to embrace a new world where artists and fans can bond over exclusive assets in a metaverse that’s as real as it gets.
