LimeWire to Debut Music NFTs in Partnership With UMG
LimeWire has tapped Universal Music Group to roll out exclusive music-based non-fungible tokens (NFTs).
As announced by the Universal Music Group, artists signed up on the platform will be able to showcase and share their 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.
"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," said Jonathan Dworkin, EVP, Digital Business Development & Strategy at Universal Music Group.
The move is a huge milestone for LimeWire whose name rights were acquired by Paul and Julian Zehetmayr. The duo hopes the thrill that once characterizes the LimeWire brand back in the 2010s can return in our day. The partnership with UMG will help the startup regain credibility and the use of blockchain will help present the age-long challenge of copyright infringements that first forced the platform to shut down over a decade ago.
The new UMG-sponsored NFTs will be hosted on the LimeWire platform and users will be able to access this with a very user-friendly interface across the board.
Besides the regular accessibility the marketplace will grant to creators sponsored by UMG, musicians will also be able to release bonus tracks and exclusive material, sell uncut or backstage content, and much more.
Universal Music Group has gained a massive reputation as one of the world’s largest music licensing groups today. The firm recently signed a £320 million deal with Canadian-American star, Drake, and the deal with LimeWire is bound to help both outfits expand their reach across all fronts.
LimeWire, the controversial file-sharing network, relaunched as an NFT marketplace back in March after closing down its operations in 2010.
Image source: Shutterstock
Defunct File Sharing Network LimeWire to Make a Comeback as NFT Marketplace