LimeWire Is Coming Back With New NFT Marketplace

Quick Summary

  • LimeWire as a well-known company is doing a comeback as an NFT marketplace. LimeWire will be a digital marketplace for the music NFTs community. 

In an official statement on Wednesday, LimeWire unveiled its ambitions to build a non-fungible token (NFT) marketplace focusing on art and the music industry. The NFT marketplace is set to begin in May, followed by an official NFT with a token incentive scheme later this year.

related: Magic Eden Partnered With Overtime To Boost Sports NFT Utility

Previous LimeWire Shutdown

LimeWire, a prominent peer-to-peer file-sharing service from the early 2000s, is making a comeback under new ownership with a collectible digital marketplace. The controversial site, LimeWire, was shut down in 2010 after a legal struggle with the Recording Industry Association of America over music piracy charges.

LimeWire 2.0

LimeWire will sell its private utility tokens in addition to NFTs linked to songs and artwork sold by artists and companies. The new platform will accept a variety of cryptocurrencies as payment, but all things will be offered in US dollar values.

Users will be able to buy and exchange rare and limited editions, unpublished demos, and goods on LimeWire 2.0. This may be done without a crypto wallet because, owing to a collaboration with start-up payment platform Wyre; customers will be able to pay using a credit card, a bank transfer, or other fiat gateways.

LimeWire New Owners

Austrian brothers Julian and Paul Zehetmayr purchased the LimeWire name and intellectual property last year. They are launching with the NFT marketplace this year in May. Julian Zehetmayr said to the press: 

“The issue with the NFT market is that most platforms are decentralized. All the exchanges make it easy to buy, trade, and sell bitcoin if you look at bitcoin. There’s no one doing the same in the NFT space.”

Then he added: “We’ve obviously got this great mainstream brand that everybody’s nostalgic about. We thought we needed to build a real mainstream user experience as well.”

Giving rights and supporting the artists

„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.

LimeWire’s tumultuous background has prompted multiple lawsuits from record companies. In May 2011, the platform’s creator, Mark Gorton, agreed to pay $105 million as a penalty to record labels for copyright infringement.

Conclusion

According to the company’s CEOs, the relaunch is focused on putting things right and creating a collectible digital marketplace for the music community. It will be interesting to watch how LimeWire’s new version performs and whether it’ll be a huge success or the opposite.

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sources: beincrypto, cointelegraph

author: Rene Remsik, Hafiz Awaiw

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.