Popstar Ne-Yo going all-in on NFTs with LUM partnership: 'It's the future'
Ne-Yo, LUM is creating tighter fan-to-artist communities with all-access NFTs
NFTs, also known as nonfungible tokens, have been misunderstood by the public for their intangible nature, but singer-songwriter Ne-Yo is jumping right into the hype.
On "The Claman Countdown" Tuesday, Ne-Yo introduced his partnership with NFT marketplace LUM to build out exclusive NFTs for music fans. The recording artist dubbed the alternate investment venture as "the future."
"I’m relatively new to the NFT space myself," he said. "I’m fascinated by it. I do not think that it’s a scam. I think that it’s the future."
WANT TO BUY AN NFT? HERE'S WHAT TO KNOW
Ne-Yo’s partnership with LUM has been in the works for a few years, he revealed, to innovate fan and artist relationships. These NFTS will allow fans to be "on the ground floor with an artist as they work their way up," he said.
Focusing this kind of support in the NFT realm is bound to bring up skepticism, LUM CEO Max Fergus added, since this kind of blockchain innovation is so new and volatility in the crypto market will inevitably spark "bearishness."
"There are thousands of smart people building infrastructure in this space in a similar way to what we saw between the dot com bubble and the social media boom in 2006," he said. "Luckily for us, in the next four years, we will see over a hundred years of innovation and that is really looking at past data."
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Besides the fact that NFTs will allow a broader connection with fans, Ne-Yo expressed how the technology is also a channel for him to explore his lesser-known passion for the visual arts.
"It makes perfect sense," he said.
While LUM has been working with top-tier celebrities like Ne-Yo, Fergus announced the company’s all-access pass NFT which will introduce more than 100 independent artists to owners. The CEO detailed how an umbrella investment like this is the "easiest on ramp" for NFT exploration.
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"The larger goal is to provide artists and creators a long-term solution in this new and exciting industry," he said. "By creating access passes on blockchain, we can build our artists communities in this new space, allowing them to engage with fans in new ways, so this is really going well-beyond the one-off NFT model."