NFTs, also known as non-fungible tokens, have been misunderstood by the public for their intangible nature, but singer-songwriter Ne-Yo jumps right into the hype.
On Tuesday’s “The Claman Countdown,” Ne-Yo showcased their partnership with NFT LUM Marketplace to create exclusive NFTs for music fans. The recording artist has dubbed the alternative investment business as “the future”.
“I’m relatively new to the NFT space myself,” he said. “I’m fascinated by it. I don’t think it’s a scam. I think it’s the future.”
WANT TO BUY AN NFT? HERE’S WHAT YOU NEED TO KNOW
Ne-Yo’s partnership with LUM has been in the works for a few years, he revealed, to break new ground in fan-artist relationships. These NFTS will allow fans to be “on the ground floor with an artist as they progress,” he said.
Focusing this kind of support in the NFT realm is bound to be met with skepticism, added LUM CEO Max Fergus, because this kind of blockchain innovation is so new and volatility in the crypto market will inevitably trigger a “ decrease”.
“There are thousands of smart people building infrastructure in this space in a similar way to what we saw between the dotcom bubble and the social media boom in 2006,” he said. “Fortunately for us, over the next four years we’ll see over a hundred years of innovation and it’s really about past data.”
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Aside from the fact that NFTs will allow for a broader connection with fans, Ne-Yo explained how technology is also a way for him to explore his lesser-known passion for the visual arts.
“It makes perfect sense,” he said.
While LUM has worked with A-list celebrities like Ne-Yo, Fergus announced the company’s NFT All-Access Pass which will introduce owners to over 100 independent artists. The CEO explained how an umbrella investment like this is the “easiest on the ramp” for NFT exploration.
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“The broader goal is to provide artists and creators with a long-term solution in this exciting new industry,” he said. “By creating access passes on the blockchain, we can build our communities of artists in this new space, allowing them to engage with fans in new ways, so it really goes way beyond the model. Single NFT.”