After ten years of inactivity, peer-to-peer (P2P) file sharing software LimeWire returned with a new look – an NFT Marketplace to support true artists and content creators.
On its official website, the project also says, “LimeWire is back to bring digital collectibles to everybody.”
On Wednesday, LimeWire officially announced its launch of an NFT marketplace for art and entertainment.
Its initial focus will be music. The platform aims to build a space for users to create, buy and trade rare items such as limited editions, unreleased previews or digital items. The rebranding is set to launch in May this year.
Start of A New NFT Marketplace
In an interview with CNBC, LimeWire’s founder Julian Zehetmayr highlighted:
“The issue with the NFT market is that most platforms are decentralized. If you look at bitcoin, all the exchanges are making it really easy to buy, trade and sell bitcoin. There’s no one really doing the same in the NFT space…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.”
LimeWire is also forming alliances with a variety of major artists and partners within the industry such as Manager of WU Music Group Tareef Michael, executives from Wyre and Ayita.
Wyre will support LimeWire in the platform’s development as well as the integration of US dollar payment. The marketplace has also teamed up with blockchain protocol Algorand for energy and cost efficiency.
The new project will be led by Julian Zehetmayr and Paul Zehetmayr. Last year, the Australian brothers acquired LimeWire and set plans to bring the nostalgic software back.
Bucking The Bitcoin Trend
Instead of cryptocurrencies, the platform will list prices in US dollars. This way will allow users to easily buy tokens on LimeWire using their credit cards.
As Zehetmayr stated, “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.”
To support the revival of LimeWire, the Zehetmayrs used funds they generated through the sale of their former ventures.
One of these businesses is the cloud-based API products and services developer Apilayer. The company was acquired by Idera Software in January 2021 for a confidential sum.
The proceeds of LMWR token sale will be used to add extra support for the project. The sale will kick off for a limited number of key investors before being released to the general public at a later date.
Holders of the token will be able to vote on changes to LimeWire’s policy, as well as on which artists are included in the company’s music charts.
A Little History
LimeWire was a prominent peer-to-peer file-sharing service in the 2000s.
When online sharing platforms and social networks like YouTube and Spotify were in their infancy, the peer-to-peer system was a lifesaver for music fans. LimeWire, BitTorrent, Kazaa, and Napster were the names that hit the stratosphere.
However, in 2010, the software’s reputation had taken a deep dive. The Recording Industry Association of America accused LimeWire of music piracy, forcing the company to shut down.
The New York State Court finally imposed a permanent ban on LimeWire, stating that the network had a major piracy motivation, allowing 50 million monthly users to illegally share thousands of copyrighted works.
The decision also marks the end of a four-year legal confrontation between LimeWire and the Recording Industry Association of America, which is regarded as the organization representing the majority of the world’s major record labels.
Winamp, the popular music player of the 2000s, also announced its return in November 2021 as a new unique music platform for artists and fans to generate revenue.
It’s unclear whether Winamp indicated NFT-integration or not. However, the NFT sector is certainly becoming more exciting, as not only newcomers, but also old legends, are rushing into the field.