LimeWire will be selling NFTs attached to music, content, and artworks.
For the uninitiated, LimeWire is a defunct platform that used to be the go-to place for anyone who wanted illegal music downloads. It was shut down 10 years ago. But it’s making a comeback. Not as a file-sharing service, though, but as an NFT marketplace.
Paul and Julian Zehetmayr, entrepreneurs in Austria, bought the rights to this platform. They will relaunch the service under a new company called LimeWire GmBH. But it will have no affiliation to the previous team of LimeWire.
Bloomberg reported that the entrepreneurs hope the iconic name will evoke nostalgia. It won’t be an alternative streaming platform. Rather, it will be used by artists to sell their exclusive music and art to collectors. The brothers want to give artists full flexibility for their content.
As mentioned, LimeWire was the go-to platform for those who wish to download music albums illegally. It was a peer-to-peer sharing platform that allowed everyone with a computer and Internet connection to share their files. People in, say, New York, can access someone’s computer who lives in Liverpool to download the latest track. The best thing about it all was that the service was free.
It was launched in 2000 as a simple file-sharing platform. But it became a global fire-sharing giant that infuriated record labels. They fought the company in the courts until it was shut down in 2010. To close the case, LimeWire CEO and various record companies had a $105 million settlement.
The new owners of LimeWire know the controversial history of the company. However, they want the nostalgia factor of it. They believe that the crypto foundation will resuscitate the reputation of the company. The brothers implemented safety features in the service. One of them is the stringent anti-money laundering tools. It has EY, an accountancy firm, to vet all activities in LimeWire.
The site is set to launch in May. Currently, there’s a huge waitlist for anyone who wishes to be notified when it’s launching. What’s great about it is that it won’t require a crypto wallet. In that case, if you need to sell or buy, you can do so directly through your credit card, bank transfer, etc.
The new owners said that they wish to eliminate the obstacles that many crypto platforms are facing. They want people to easily participate in the buying and selling of crypto while they want to offer an exciting platform. The new owners believe that most platforms for NFT are decentralized.
The upcoming platform will focus on music. Users can buy and trade rare items, like unreleased demos and digital merchandise.
The new owners fund that LimeWire revival through the sale of their previous businesses. When they launch a LimeWire token, they’ll use the sales to increase their capital. The token will be sold to a few investors before the public sale. The token will allow holders to vote on changes to the platform’s policies and have a voice on which artists must be featured in the music charts.