LimeWire used Universal Music Group to introduce exclusive music irreplaceable tokens (NFT).
As announced by Universal Music Group, artists logged on to the platform will be able to display and share their audio recordings, audiovisual content, backstage recordings and any artwork and images like NFT on the LimeWire market and sell them directly to fans and collectors.
“NFTs provide an exciting vehicle to enhance this connection between artists and audiences. That’s why we’re thrilled to be partnered with LimeWire, which is focused on guiding everyday users into this spacious arena, in this new era of Web3 engagement and music appreciation. “Said Jonathan Dworkin, EVP, Digital Business Development & Strategy at Universal Music Group.
This move is a major milestone for LimeWire whose rights to the name were acquired by Paul and Julian Zehetmayr. The duo hopes the excitement that once characterized the LimeWire brand in the 2010s may return to our days. The partnership with UMG will help the startup regain credibility, and the use of the blockchain will help present the long-standing challenge of copyright infringement that first forced the platform to close more than a decade ago.
The new UFT-sponsored NFTs will be hosted on the LimeWire platform and users will be able to access them with a very simple user interface.
In addition to the regular accessibility that the market will provide to creators sponsored by UMG, musicians will also be able to publish bonus tracks and exclusive material, sell raw or backstage content and much more.
Universal Music Group has gained a huge reputation as one of the world’s largest music licensing groups today. Company recently signed a £ 320 million deal with Canadian-American star Drake, and a deal with LimeWire will help both companies expand their reach on all fronts.
LimeWire, controversial file sharing network, restarted as the NFT market in March after the closure of business in 2010.
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