Music Sharing Service LimeWire Is Back—As an NFT Marketplace

by AryanArtnews
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Simply put

  • Formerly a peer-to-peer music sharing service, LimeWire will reopen as a music-centric NFT marketplace.
  • The platform will be released in May and will release its own token later this year.

Peer-to-peer music sharing services, which have been popular since the early 2000s, are about to enter the second act. Today, the new owner of the long-sleeping brand LimeWire NFT market place. Initially, the focus was on music-related collections.

LimeWire will debut in May under the leadership of co-CEOs Paul and Julian Zehetmayr, two serial technology entrepreneurs.Brother said Decryption They acquired the LimeWire brand last year to reintroduce the LimeWire brand for a new wave of digital listeners.

“We appreciate the strength and energy of the LimeWire brand and what it means for people of all ages,” they said. Decryption Through an email reply, “And I couldn’t be more excited to bring it back to life in a rapidly changing world of digital collectibles, music and entertainment.”

LimeWire is run by a brand new team that has nothing to do with the original company founded in 2000. The original service was suspended in 2010 following a legal injunction in a series of legal objections from record labels claiming copyright infringement against LimeWire. ..

Zehetmayrs sees the renewal as an opportunity to reshape the lasting story around LimeWire. The new LimeWire helps artists by allowing them to sell NFTs that represent songs, rather than allowing users to share songs freely as in the original service, directly to the musicians supported by the buyer. Allows you to link.

LimeWire co-CEO o Julian (left) and Paul Zehetmayr. Image: LimeWire

“LimeWire is back as a platform for artists, not against them,” said co-CEO. “At LimeWire, most of the revenue goes directly to the artist. We work with creators to give them complete flexibility, ownership and control over their content.”

The new LimeWire Marketplace aims for accessibility to attract more users. NFT prices are displayed in US dollars and our partnership with Wyre allows you to pay by credit card, bank transfer and other fiat currencies. LimeWire knows your customer (KYC) Compliance measures are in place and no need to use self-managed cryptography wallet..

The company hasn’t confirmed which one yet Blockchain As for the network to use, the release states that it will be the “major blockchain” that is cost effective, energy efficient, fast transactions, and can bridge assets to. Ethereum When Side chain Scaling solution polygon..

LimeWire starts with music NFTs from musicians and related collections (such as digital artwork and videos), but will gradually expand beyond the original theme. The curated platform will also release its own token later this year with governance features to vote for additional artists. In addition, it provides access to exclusive content with discounted rates.

The company has made fun of many partnerships with “major artists” in the music industry, but none have been announced so far. Tareef Michael, manager of hip-hop group Wu-Tang Clan, will advise LimeWire.

Ann NFT It acts like a certificate of ownership of a unique digital file. In addition to music, NFTs can represent digital artwork, profile pictures, video files, interactive video game items, and more.The broader NFT industry Transaction volume worth $ 25 billion In 2021.

Music NFTs are seen as one of the next big trends in the field, and some industry advocates have such blockchain-backed assets. Shake the traditional music industry..Artists such as 3LAU, Nas, Kings of LeonAnd Snoop Dogg release their music as NFTs, and owners often receive a royalties when the song is streamed.

Zehetmayrs said Decryption LimeWire’s plan is not to replace the streaming music giant, but to provide fans with an alternative way to support artists and own their own recordings such as demos, samples and exclusive tracks.

“We have confirmed that there is a thirst for regaining control and ownership throughout the industry. We are here to make it happen for artists and creators,” they said. .. “NFTs are considered collectibles, just like vinyl, and we believe the market needs a brand like LimeWire to bring the concept of owning digital collectibles to the mainstream.”

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