As reported by Bloomberg, LimeWire is making a big return to the interwebs, but this time as a music NFT marketplace. A good chunk of you readers may remember the LimeWire app, while a large portion of you may be going, “What is LimeWire?”
Back in the day, the platform was a place where folks could obtain a plethora of “free media;” media such as music and movies would be uploaded and provided as torrents that users could download as they pleased. All users would need to do is download LimeWire, then search for whatever it is they were interested in via the LimeWire app/software and download.
Spearheading this new form of the platform are brothers Paul and Julian Zehetmayr. This new LimeWire will launch this coming May and will offer musicians a chance to gain more revenue from their music.
Per the Bloomberg article:
“It’s a very iconic name. Even if you look on Twitter today, there’s hundreds of people still being nostalgic about the name,” said Julian in an interview, who will act as co-CEO alongside Paul. “Everybody connects it with music and we’re launching initially a very music-focused marketplace, so the brand was really the perfect fit for that with its legacy.”
LimeWire will offer support for buying and trading music-related nonfungible tokens, which can include exclusive songs, merch, graphic artwork, and experiences like backstage content. The article goes on to say that the platform will launch with its own utility token via a private sale within the next three weeks.
So gone are the days where LimeWire was a place to click and download media – it’s now making its way into the NFT world.
What are your thoughts on this? Do you think the platform will help artists out and provide them solid revenue? When it comes to such applications like LimeWire or Napster in the past, bands like Metallica have not been a fan of them.
Words by: Michael Pementel