The LÜM music discovery platform is emerging as a premier NFT platform aimed at connecting fans to artists with exclusive content, experiences and products. LÜM’s was originally launched in 2020 as a streaming and discovery app for up-and-coming artists to get their music out to a wider audience, grow their fan base, and earn money. Artists were able to upload their content and connect with fans, while fans were able to discover artists and stream music by sharing and engaging with their friends and peer communities. One of LÜM’s missions has always been to find ways to provide direct financial support to emerging artists. In this mission, LÜM discovered that the power of blockchain and NFTs can serve as a long-term solution not only for the artist but also for his fans.
With this new transition, LÜM tapped music industry marketing expert Georgii Speakman, as one of their co-founders and global head of music. Speakman has worked with startups, labels, artists, agencies, and creative teams to help develop campaigns, marketing, and storytelling efforts. “Our new blockchain business model further improves how artists, partners, fans and broader communities can exchange value with each other in a more interoperable way, both in their real and digital worlds,” Speakman said. “We are used to many industry, artist and/or fan/consumer components being separated into respective buckets and silos. However, one of our main goals is to allow fans to act as their own A&R or record label, investing in an artist’s career; and empowering our artists to capture more interactive attention from their communities across all multichannels and platforms. Our model is to holistically empower the industry with more opportunity, access, visibility, innovation and new revenue streams for all.
With LÜM’s old model, only the artist had a monetary benefit from the platform, but now fans who buy NFTs from artists also have the opportunity to earn money. Ideally, NFTs will include things like special access to music, events, concerts, meet and greets, and more. which are only accessible if you own one of the artist’s NFTs. If the fan later down the line decides to sell the artist’s NFT to another fan, there is a profit to be made. The decentralization of artist-fan relationships seems to be the next big trend in music. Doja cat sold an NFT for $188,000 and Blau gave away 50% of the streaming rights to his song “Worst Case” to 333 fans via NFT. Allowing fans to earn money alongside their favorite artists benefits both emerging and established artists. Record labels are also looking at NFTs for their artists’ upcoming albums and world tours. LÜM’s system will work with artists not as users, but as partners. LÜM works with artist and labels to educate them and their teams on blockchain and key messages. “We are a premium service for the artists we work with, while making it as easy as possible for everyone. LÜM also leverages an artist’s likeness and does not work through an artist’s musical IP to avoid complexity and provide the easiest on-ramp for artists and their fans,” explained the CEO, Max Fergus. From there, we are able to work with an artist to develop meaningful roadmaps that create structure for the platform and LÜM fans, while giving the artist infinite creative control to also serve their individual communities. This means that artists share the collective value of being in an ecosystem that allows cross-pollination of fanbases – maximizing discovery and revenue generation from old and new fans.
Tishawn Gayle, COO and partner of Compound Entertainment & Manager of artist Ne-Yo, considers NFTs the future of music because of their usefulness. “Once artists, fans and brands fully understand all the features an NFT brings to connect with their favorite song or artist, it will forever change the way we promote, consume and distribute music. If we pay attention to the evolution of music, technology tells us it’s time to take it to the next level. From phonograph to vinyl records, 8 tracks, cassettes, CDs, MP3s, streaming services and now NFT. NFTs allow a never-before-seen 360-degree experience with your favorite song/artist in the real world and the metaverse.”
The new LÜM will be one of the first music-focused NFT platforms available to fans, artists and labels, making it a truly decentralized site for accessing and creating NFTs.