LUM Announced Individual ‘Access Pass’ NFTs for 25 World Famous Musicians

  • In its latest announcement, LUM declared its partnership with 25 famous musicians across the globe as a relaunch drive including the relaunch NBA Top Shot’s Dapper Labs.
  • Platform will allow users to build their own communities and roll out their own Access Passes for crowdfunding new releases as its application.
  • CEO of LUM Max Fergus revealed that to focus on the advanced Web 3 technology, the platform decided to transition into blockchain.

LÜM, a US based music platform is ready to announce its collaboration with 25 world famous musicians as part of their re-launch initiative that also includes NBA Top Shot’s Dapper Labs later this quarter.

Launched in 2018, LUM has made a user base of over 200,000 users emerging as a platform that renders services like music streaming, social media and micro-tipping for musicians and fans partnered with it.

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Since 2018, the company has made around $4.4 million funds, according to data provided by Crunchbase and also collaborated with Ne-Yo, a popular R&B singer-songwriter in 2020.

Nonetheless, the company is now transitioning from the business model and re-releasing Dapper Labs Flow blockchain in March with their priority shifting to musician-related NFTs.

In the beginning, LUM will launch an NFT marketplace and a platform for fan engagement in addition to NFTs named “Access Passes.”

Platform users can now buy NFTs attached to their favorite musicians and trade them amongst in fanclubs and other fan communities, meanwhile long term holders have an added advantage over other users, they will be rewarded with exclusive content, priority access to artists’ future NFT drops and live entertainment experiences. 

On the other hand, Musicians can also create their own communities and release their own Access Passes that can help in crowdfunding projects like the latest album release. According to the LUM, artists are also not required to sign any rights or intellectual property to middlemen.

LUM Targets To On-board 100 Artists In 2022 

Max Fergus, founder and CEO of LUM, suggested a bigger aim that involves onboarding 100 top musicians in 2022 for accelerating the mass adoption of blockchain technology in more artists and their fans, also revealing the long term plan to collaborate with over 10,000 musicians.

In a statement, Fergus revealed that due to the successful and user-friendly nature of other NFTs projects like NBA Top Shot on the blockchain, LUM chose to collaborate with Dapper Labs.

According to data from CryptoSlam, the top NFT project on Flow is NBA Top Shot and since its launch in Late 2020, the project has raised funds over $848.3 million worth of secondary sales.

Fergus also mentioned that the reason behind the transition of LUM into the blockchain is to prioritize the futuristic Web 3 technology and he is confident that the sector will revolutionize the music industry much like the transition of vinyl records to online streaming. “I would put it on a very similar level to that,” said Fergus.

He explains that it’s an altogether new way into a total addressable market in addition to being a new way of experiencing music and artists.

Fergus stated that a major issue he sees in the music industry right now is “ individual creators trying to monetize their individual fan base,” as he emphasized the importance of introducing a blockchain-based platform that links different communities together.

The major problem faced by the music industry as of now is that the individual creators are establishing their own separate fan base and monetizing it, according to Fergus. He further stressed on creating a blockchain-based platform that connects diverse communities together.

When artists will be under one roof, not only the different bases come together, it will also introduce artists to the blockchain community that might have not known earlier, he elaborated further.

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Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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