Thread by @lum_xyz

Thread (1/12): When starting LÜM two years ago, we were the next evolution of the platforms that came before us.

We combined social, streaming, micro-tipping and tools for artists to share music, engage fans, monetize content, and collaborate with other artists. It worked.

We grew a community of over 200k artists that uploaded over 600k tracks. We became one of the largest user-uploaded streaming platforms all while artists monetized their fans in completely novel ways. We were disruptors and the industry noticed. But the music industry is complex.

Music is overly commoditized with a global catalog of free to near-free music. Leaving artists and intermediaries all fighting over the same slice of pie.

In addition, fans are overwhelmed by content spanning infinite interests, making content hard to monetize. It is tough.

The fan-to-artist relationship needs to change. It needs a kick in the ass (no not that $ASS 😄). It needs Web3. It needs NFTs. It needs incentivized community!

Fans want to be more than just a follower or listener. They want to participate in their favorite artist's career.

Innovation does not have to be a zero-sum game.

As blockchain, Web3, and NFTs gain momentum, the music industry has a choice: Fight over the same slice of pie again or be forward-thinking enough to bake ourselves a new one. We choose the latter.

In the next few months, LÜM will relaunch using blockchain technology. The biggest difference will be that fans can now "own their fandom." A model in which fans can feel a sense of ownership in the artists they support with financial upside to participate in their careers.

In our first act, LÜM will be launching NFT Access Passes for artists' fans. Fans are able to collect, trade and sell Access Passes from their favorite artists and invest in their careers.

This is just the foundation. It is the future utility that gets us the most excited 👀 .

As our roadmap is released over the next few months, the picture will become more clear. We are not just a one-and-done NFT platform. We are a long-term solution for the music industry. We learned a lot from the NFT projects that have come before us.

They helped inform us.

Here are the lessons we've learned –

Collective Value:

We must create collective value by unifying artists and fans in a community, moving beyond individual artists trying to monetize their own fans. We need a larger collective community.

Trust is Paramount:

Fans must believe that there is a future beyond a single NFT drop that will allow them to participate in the future success of an artist. There needs to be MORE, backed by both the artist and LÜM.

Artists & Fans Need a Long-term Solution:

The technology will continue to advance, so building the proper foundation that will allow artists to create value beyond any initial project is critical. It is critical for fans too.

These lessons have helped shape our project.

By putting the value of an artist back into the hands of the community, we will unlock value that has been sitting dormant for far too long. A new pie is here — it's time for dessert. 🙂 #Web3 #NFT #ComingSoon #BuiltOnFlow

Discover the new LÜM lum.fm

Check out our blog post to learn more about our journey to the NFT and Blockchain community.

lumxyz.medium.com/l%C3%BCms-jour…

LÜM will be building on @flow_blockchain designed by @dapperlabs. Starting out in crypto can be extremely complex and confusing. Especially if gas fees and inflated prices deter people from joining. Which is why we love the teams at Flow and Dapper

@flow_blockchain is designed to be fast, scalable and cheap for users, and we felt that it was the best option for our project. Our goal is to catalyze the mass adoption of blockchain-enabled by artists and fans, and we needed a solution that could scale with those ambitions.