LÜM, a music platform based in the United States, is slated to unveil 25 partnerships with well-known musicians later this quarter as part of a relaunch with NBA Top Shot’s Dapper Labs.

LÜM CEO and founder, Max Fergus, is reported to have said, “We wanted to model ourselves off NBA Top Shot. It was a group that created collective value through the inclusion of players under one roof.

LÜM was established in 2018 and has expanded to over 200,000 members with a platform that offers services including social media, music streaming, and micro-tipping to its partnered musicians and followers. According to data sourced from Crunchbase, the company has raised $4.4 million in funding since 2018, and in 2020 teamed with renowned R&B singer-songwriter, Ne-Yo.

LÜM, on the other hand, is walking away from that business model and will rebrand in March on Dapper Labs’ Flow blockchain, with an emphasis on musician-related NFTs. With NFTs nicknamed “Access Passes,” LÜM will first release an NFT marketplace and fan engagement interface. On Twitter (NYSE:), LÜM posted:

Every detail was considered when designing the First Fan Access Passes. We wanted to create something that felt exclusive, collectible but looked & felt functional. Fans will treasure it, but they can expect to be able to use the product in real life and future music metaverses.

You can also read: Associated Press launches NFT Marketplace for Monetizing Its Photographic Content

The platform allows users to trade and purchase NFTs associated with their favourite singers. Long-term hodlers will also be eligible for exclusive content and access to future NFT drops by artists.

Members of the music industry will establish communities and offer Access Passes for crowd funding initiatives such as new album releases. According to LÜM, artists are not required to sign away any rights or intellectual property to intermediaries.

In an interview with Cointelegraph, Max Fergus kept quiet on who the 25 launch artists would be. He did however say that 100 top musicians will be joining the launch team by 2022 in order to “catalyze mass adoption blockchain-enabled tech by fans and artists.” The long-term goal is for more than 10,000 musicians to partner with Fergus.

According to Fergus, due to the success and user-friendly paradigm of previous NFTs products on the blockchain, such as NBA Top Shot, LÜM chose to join with Dapper Labs and debut on Flow. In his own words:

“For us we wanted to emulate NBA Top Shot. It was a community of players who brought together their collective values.

CryptoSlam’s data indicates that NBA Top Shot has been the most successful NFT project since it was introduced in April 2020. It has sold more than $848.3 Million in its subsequent sales.

Continue reading on BTC Peers