After LimeWire announced its return to NFTs two months ago, the company has announced a deal with Universal Music Group. The future platform will allow artists to better connect with their fans through the sharing of additional content to their music creations.
LimeWire enters into partnership with Universal Music Group
When LimeWire announced in March that it would be returning to the internet scene with non-fungible tokens (NFT), the programme seems to be going well. This is evidenced by the latest agreement with Universal Music Group (UMG):
Important milestone reached! We’re thrilled to announce our partnership with Universal Music Group @UMG, opening up opportunities for music NFTs to all artists signed to Universal and UMG labels.
Read more here https://t.co/VHolELPC1e pic.twitter.com/JfE3IfMEQ0
– LimeWire (@limewire) May 17, 2022
The purpose of this agreement is simple: to allow UMG-contracted artists to offer additional experiences to their fans by providing them with the tools to publish exclusive NFT content on the future LimeWire platform. This content could include bonus tracks or uncut demos.
Paul and Julian Zehetmayr, both co-CEOs of LimeWire, expressed their excitement about the prospects of this new partnership:
We see this partnership as a true demonstration of the pace at which the music industry is embracing Web 3.0. We are excited to open the LimeWire NFT ecosystem to Universal Music Group artists and fans
This is the first major partnership in the LimeWire revival and will involve all UMG entities, including Virgin Music and Capitol Records
The return of LimeWire
While in the collective unconscious, LimeWire is a name referring to the early 2000s and peer-to-peer file downloading, the brand had created a surprise on March 9th by announcing its great return as an NFT platform.
With this in mind, a private sale of the LMWR token was held last April, for a total amount of 10 million dollars. Among the investors, Kraken, Coinbase and Swissborg were among them. According to the LimeWire roadmap, the public sale will take place in the fourth quarter of this year.
While there is no guarantee of success yet, it is an initiative that gives a concrete case of application to NFTs and will provide artists with additional income, allowing them to better benefit from the fruits of their labour. Thus, we will be following the progress of the project in the future
