Limewire is back, but on blockchain. They have now secured a partnership with the Universal Music Group, which is by all the metrics the largest record label on earth.
- Limewire NFT Marketplace
- Why NFTs Make Sense
Limewire NFT Marketplace
In March, Limewire announced a comeback. An old relic of the 2000’s, but a new kid on the blockchain. Limewire’s NFT marketplace is built on Algorand. “The LimeWire NFT platform hopes to remove the hurdles of the current landscape by offering easy signup and direct credit card payment via Wyre’s payment platform using USD pricing. It hopes to partner with top musicians and register a million buyers by the end of the first year.”
LimeWire is Back as an NFT Marketplace https://t.co/GuMROn0E8A
— HYPEBEAST (@HYPEBEAST) March 10, 2022
Today, Limewire announced they have partnered with Universal Music Group, which is by all metrics, the largest record label in the world. As an example, some major labels and brands owned by UMG are Abbey Road Studios, Def Jam Records, Capitol Music Group, Virgin Music, and Motown Records. Meaning, UMG owns the rights to some of the most legendary music of all-time. Limewire will be the official NFT platform for Universal Music Group and the artists therein. This will all be powered by Algorand.
As part of this new partnership, UMG artists can now offer audio recordings, audiovisual content, backstage footage as well as other artworks as NFTs on the @LimeWire marketplace and sell them directly to fans and collectors in a safe and trusted environment. https://t.co/oshxryaRAeTrendingTerra’s Anchor Protocol Is Landing On This Top Blockchain
— Universal Music Group (@UMG) May 17, 2022
Limewire said in the announcement: “Using LimeWire, artists signed to UMG can now offer audio recordings, audiovisual content, backstage footage and any artwork and images as NFTs on the LimeWire marketplace and sell them directly to fans and collectors. Musicians can release bonus tracks and exclusive material, sell uncut or backstage content, and much more.” This will allow the many artists to utilize their art and music in a wholly new way; which opens the door to new dimensions for fan engagement and ownership.
Why NFTs Make Sense
Jonathan Dworkin, EVP, Digital Business Development & Strategy at Universal Music Group said: “NFTs are providing an exciting vehicle to enhance this connection between artists and audiences. This is why we are delighted to have partnered with LimeWire, who is focused on guiding everyday users into this expansive arena, in this new era of Web3 engagement and music appreciation.” “We see this partnership as a true demonstration of the pace at which the music industry is embracing Web3,” said Paul and Julian Zehetmayr, LimeWire Co-CEOs.
The LMWR token, which was offered to raise $10.4 million in a private sale last month, saw great reception from big names like Steve Aoki and Deadmau5. The LMWR token should be available to the public by Q4 with the official launch set to occur very soon. Currently, there is a waitlist creators can join. Considering the catalogue Limewire has secured with UMG, and the backers of the project, this could be a massive use-case that could rock the music industry. Beneath all of that, Algorand’s chain could see a boom in transactions per day and on-chain value.
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