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

U.S.-based music platform LÜM is ready to announce 25 partnerships with globally recognized musicians as a part of a re-launch involving NBA Prime Shot’s Dapper Labs later this quarter.

LÜM was based in 2018 and constructed up a consumer base of greater than 200,000 customers with a platform that supplied companies comparable to social media, music streaming and micro-tipping for its partnered musicians and followers.

The agency has raised round $4.4 million value of funding since 2018 in line with data from Crunchbase, and partnered with in style R&B singer-songwriter Ne-Yo again in 2020.

Nevertheless, LÜM is now shifting on from that enterprise mannequin and is relaunching on Dapper Labs’ Circulate blockchain in March with the main target shifting to musician-related NFTs.

LÜM will initially roll out an NFT market and fan engagement platform alongside NFTs dubbed “Entry Passes.”

Customers of the platform will have the ability to purchase NFTs tied to their favourite musicians and commerce them amongst a neighborhood of followers, whereas long run hodlers can be granted rewards comparable to precedence entry to artists’ future NFT drops, unique content material and reside leisure experiences.

Musicians will have the ability to construct their communities and launch their very own Entry Passes which can be utilized to crowdfund tasks comparable to new album releases. It doesn’t require artists to signal away any rights or mental property to middlemen in line with LÜM.

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Goal to onboard 100 artists in 2022

Talking with Cointelegraph, LÜM CEO and founder Max Fergus was tight-lipped on who the 25 artists can be for the launch however indicated the broader objective is to onboard 100 high musicians in 2022 to “catalyze the mass adoption of blockchain-enabled know-how by artists, and followers”, whereas the long run purpose is to accomplice with greater than 10,000 musicians.

Fergus said that LÜM selected to accomplice with Dapper Labs and launch on Circulate as a result of profitable and user-friendly mannequin of different NFTs tasks on the blockchain comparable to NBA Prime Shot:

“For us, we actually needed to mannequin ourselves off NBA Prime Shot. A neighborhood that was constructing collective worth by bringing gamers beneath a person umbrella.”

NBA Prime Shot is the highest NFT venture on Circulate, and has generated greater than $848.3 million value of secondary gross sales since launch in late 2020 in line with information from CryptoSlam.

Fergus said that LÜM’s shift to the blockchain was a part of a push to get behind “revolutionary” Web3 tech and he believes the sector’s influence on the music trade can be as revolutionary as going from vinyl data to on-line streaming.

“I might put it on a really related degree to that. It is a wholly new means of not simply experiencing artists and music however a brand new means of opening up the whole addressable market.”

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Fergus said {that a} main situation he sees within the music trade proper now’s “ particular person creators attempting to monetize their particular person fan base,” as he emphasised the significance of introducing a blockchain-based platform that hyperlinks totally different communities collectively.

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“By unifying artists beneath an umbrella, we can not solely cross-pollinate fanbases however simply introduce the blockchain neighborhood into artists that perhaps they’ve by no means even recognized earlier than,” he mentioned.

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