U.S.-based music blockchain NFT platform LÜM has introduced 25 partnerships with world-renowned musicians to launch the (*25*) NFT.
These musicians can construct their very own communities and launch their very own entry passes on this platform for crowdfunding tasks equivalent to releasing new albums.
Founded in: 2018, LÜM will introduce blockchain know-how and NFTs to a whole technology of artists and followers.
For which particular 25 artists stay unknown. Still, the LÜM platform goals to cooperate with 100 prime musicians in 2022, and the longer-term aim shall be to collaborate with tens of hundreds of artists to create a platform for followers and musicians—a revolutionary new means to mix music and blockchain.
LÜM posts on its official Twitter that:
“When designing our First Fan Access Passes, each element was taken under consideration. We wished to create one thing that felt unique, collectible, however appeared & felt practical. Something followers will cherish however might anticipate to use IRL and in the future music metaverse. “
According to LÜM, it doesn’t require artists to signal any rights or mental property rights to intermediaries.
LÜM CEO and founder Max Fergus selected to launch this NFT undertaking on Dapper Labs’ Flow blockchain thanks to the many profitable and user-friendly NFT tasks on the Flow blockchain, equivalent to the in style undertaking NBA Top Shot.
The decentralized Flow framework will present a platform for NFT-powered video games and apps, and has already shaped improvement partnerships with huge names equivalent to Warner Music Group, Ubisoft, and UFC.
Max Fergus says that：
“For us, we really wanted to model ourselves off NBA Top Shot. A community that was building collective value by bringing players underneath an individual umbrella.”
LÜM has raised a complete of $4.4M in funding over 3 rounds from the Wisconsin Alumni Research Foundation and Alumni Ventures
Many pop musicians have begun to dabble in the NFT market, and LÜM will collaborate with the in style R&B singer-songwriter Ne-Yo in 2020.
Furthermore, on August 27, 2021, Blockchain.News reported, American DJ and digital dance music producer Justin Blau, also referred to as 3LAU, established the blockchain music funding firm Royal, supported by a $16 million seed spherical led by cryptocurrency funding firm Paradigm and Peter Thiel’s Founders Fund.
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