An artist's wallet has two types of Notes, Bought/Accrued and Received. Use Notes to support other artists or cash them out for USD.
The Notes that have been gifted are separated from the Notes bought or accrued. The only functional difference between this type of Note is that when gifting these Notes to other artists, LÜM requires a recirculation fee. To be clear, these Notes have the same value as Bought/Accrued, but the recirculation fee is to maintain the integrity of the platform – so Notes do not become inflated, and lose their value.
Notes that an artist has purchased, or accrued from Daily Rewards, do not have a recirculation fee associated with them.
While all Notes are equally valuable, there is a fee applied if you wish to regift Notes that have been gifted to you. Accordingly, for artists, two different Wallets appear in the gifting interface.
A 30% fee is added to any gift that uses Notes from which an artist receives. This allows LÜM to operate and maintain the integrity of our gifting economy.