LimeWire announced its first major partnership with Universal Music Group (UMG) to expand access to digital music collections.
Major Music Label Collaboration
Digital music sharing services are resurfacing, but this time in the Web3 format. LimeWire, which launched its Algorand-based marketplace in March, announced on Tuesday that it has secured Universal Music Group as a partner.
Universal Music Group’s signed artists. Through the LimeWire marketplace, its multiple imprint labels will be able to distribute tokenized digital treasures. The worldwide agreement is to credit for this.
Interscope Records and other musical companies such as Def Jam and Motown are among Universal’s imprints. Geffen, Republic, EMI, and Virgin also represent.
Taylor Swift, Kendrick Lamar, The Rolling Stones, U2, BTS, Chris Stapleton, The Weeknd, Abba, and Elton John are among the acts on Universal Music Group’s bill. This agreement does not guarantee that any of these artists will release NFTs on LimeWire, but it does give them the option.
LimeWire as a Music NFT Marketplace
LimeWire will be reborn as an NFT marketplace focused on music-related assets at initially. Music tracks, musician artwork, and musician collectibles are examples of this. Paul and Julian Zehetmayr, serial digital entrepreneurs, bought the dormant P2P music sharing site last year and announced their Web3 plans in March.
In April, LimeWire announced that it had raised $10.4 million in a token sale. Kraken Ventures, Arrington Capital, and GSR were the driving forces behind it. Other organizations such as Crypto.com Capital and singer Deadmau5’s 720Mau5 fund are also involved.
LimeWire plans to start its “formal launch campaign” at the end of this month, followed by the opening of the marketplace. This noted in the token sale statement. For digital resources such as digital artwork, music files, and collectibles, an NFT serves as proof of ownership.
Algorand is a proof-of-stake blockchain network that has been dubbed a rival to Ethereum. It is the most popular platform for decentralized apps and NFTs. Last week, Algorand and Hivemind, a Web3 investment firm, announced that they had purchased Napster. Its purpose is to create a new Web 3 streaming music platform.
Re-modelling the Music Industry
NFTs have infiltrated or will permeate all aspects of life and enterprises, including music. Artists have already begun to upset a power dynamic that has traditionally favored everyone except the artist. NFTs can open doors for both global superstars and underground grafters, as has already happened.
Universal isn’t making its first foray into the Web3 world. Last November, UMG’s 10:22PM label released a Gorillaz-inspired virtual band based on Bored Ape Yacht Club NFTs. The band will perform in several metaverse realms and sell its own NFTs.
In January, Warner Music Group collaborated with the metaverse game The Sandbox. The record label, which represents artists like Lizzo and Ed Sheeran, will establish a virtual area within The Sandbox’s game setting and hold concerts there.
