Former P2P file-sharing platform LimeWire officially announced on March 9 its transition to an NFT music marketplace. The company explains the decision behind the move.
In a move that surprised many music enthusiasts, LimeWire announced on March 9 its grand comeback with an NFT music marketplace. According to the new owners of LimeWire, the move was to “make things right” with the NFT marketplace while promising to offer music artists freedom over their content.
LimeWire was a famous peer-to-peer (P2P) file-sharing platform from the early 2000s. Due to many copyright infringement cases and after losing a legal battle with the Recording Industry Association of America, it finally shut down in October 2011. Now, after a decade of radio silence, LimeWire is making a comeback as an NFT music marketplace.
New Owners Try to “Make it Right”
LimeWire is now under new management, and its new owners are responsible for its re-entry into the market. Siblings Paul and Julian Zehetmayr purchased the company’s rights hoping to revive the brand in the Web3 era. This time around, the brand will focus on supporting artists and the music industry rather than making pirated copies of songs available for download.
The CEO brothers explained their decision to revive LimeWire as an NFT marketplace while addressing the company’s controversial past.
“LimeWire is returning as a platform for artists, not against them. On LimeWire, the majority of the revenue will go directly to the artist, and we will be working with creators to allow full flexibility, ownership, and control when it comes to their content,” said Julian.
The LimeWire NFT marketplace is expected to launch in May and will be fully curated, with the company forging major artist partnerships within the music industry. Later this year, LimeWire will also launch an official NFT with a token reward system.
The Zehetmayr brothers emphasized that LimeWire’s relaunching will focus on making things right and establishing a marketplace of digital collectibles for the music industry.
Relaunching as an NFT Music Platform
In a lengthy Twitter thread, LimeWire shared the reasons behind the decision to relaunch as an NFT music platform.
The new owners explained how they want to “offer a curated marketplace for high-quality digital collectibles, directly offered by your favorite artists. This is something that the market is lacking.”
In its re-entry to the music scene, albeit in the NFT space, LimeWire will focus on the community while working with creators to guarantee total flexibility and full ownership and control of their content. The company also wants to put the artist first, with most of the projected revenue going towards that. So this could be something that could immensely help NFT music artists in the long run.
LimeWire’s NFT marketplace will be like a one-stop-shop where creators can buy, sell, and trade their work. The relaunched company also hopes to generate over 1 million unique users before it reaches its first year.
Several high-profile artists have now invaded the NFT space, becoming members of a wider NFT community and creating NFT music. So it can be a win-win situation for both the relaunched LimeWire and the music industry.
LimeWire will be collaborating with Algorand blockchain to launch the NFT marketplace. Algorand is one of the most energy-efficient blockchains, having partnered with ClimateTrade, a leader in CO2 emission traceability. It looks like LimeWire really wants to start off on the right foot in its relaunch.
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