Popular music platform LÜM will allow twenty-five well-known artists to broadcast their own NFT files through the service. The company is modeling its tokens after NBA Top Shot.
US music platform LÜM intends to use blockchain technology as part of its operations. Non-fungible tokens (NFT) are being talked about in the media more and more often. Celebrities, actors, influencers are releasing their own tokens into the world. And also, musicians such as Ozzy Osbourne, Eminem or Snoop Dogg. Fans buy them for horrendously high prices, contributing to the strengthening of the new trend.
The potential of non-exchangeable tokens is noticed by representatives of various industries, especially the so-called creative industry. Experts are arguing with each other about whether NFT will revolutionize the art market. Many digital artists are already taking advantage of the facilities offered by blockchain technology. Not surprisingly, one of America’s largest online music platforms intends to put famous artists on the NFT circuit.
Stunning success
The LÜM platform was founded in 2018. It is a social network for Streaming music. Internet users can give micro-tips to performers and other fans. In three years, the site has managed to amass more than 20,000 users, and the founders – if Crunchbase data is to be believed – have raised about $4.4 million in funding. In 2020. LÜM entered a broader collaboration with famous R&B singer Ne-Yo.
Changes at LÜM
In March, the company plans to launch a new business model based on the Dapper Labs blockchain. In practice, this will mean concentrating efforts on NFT issuance. There will also be a platform for buyers of NFTs called Access Pass.
Users will be able to buy NFTs associated with specific musicians and exchange tokens among themselves. Those who hold NFTs for an extended period of time will be rewarded with priority access to exclusive content, live mode and future NFT drops.
The proposed changes will allow artists to build communities around them and release unique tokens that can be used to fund their work, for example. According to LÜM representatives, this will not entail relinquishing copyright to intermediaries.