The new owners of LimeWire strive to ‘make things right’ with the NFT marketplace coupled with promises to give the music artists total freedom over their content. LimeWire is a popular peer-to-peer file-sharing site from the early 2000s that went defunct in 2010. The company is now making its re-entry into the market with a digital collectible marketplace under the guidance of its new owners.
In its official statement on March 9, the platform confirmed that it aims to launch a nonfungible token (NFT) marketplace. The new marketplace will focus on art and the music sector. The team said that the marketplace is scheduled to launch in May and an official NFT with a token reward system is due later in 2022.
In that context, the marketplace will be entirely curated and will launch with major artist partnerships from the music sector. LimeWire has already partnered with Algorand for cost and energy-efficient minting.
Brothers Paul and Julian Zehetmayr acquired the rights of the firm hoping to revive it in the Web3 era. Taking into account LimeWire’s connection with the music sector, it was mainly used for downloading a lot of pirated songs; the new era for the company will focus mainly on supporting artists and the general music sector.Buy Crypto Now
Reasons For LimeWire Revival
These CEO Brothers addressed the controversial past of this platform and insisted that it was one of the primary reasons that encouraged them to revive the brand to enable them to support true artists and their content.
“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.”
LimeWire’s controversial past had been a major reason for many lawsuits from music labels and the founder of this platform Mark Gorton agreed to pay $105 million as a penalty to various record labels for copyright infringements in May 2011.
But, the new CEOs of the company insisted that the re-launch is focused on righting the previous wrongs and creating a digital collectible marketplace for the music industry.