After going under in following a series of legal hurdles, popular peer-to-peer music sharing service LimeWire is making a comeback. But this time around, the company will be tapping on NFTs to stay above water.
On Wednesday, the long-dormant company announced that it was relaunching as an NFT marketplace. Set to launch in May, LimeWire will initially focus on music-related content such as backstage content, pre-release songs, limited editions, exclusive live version, unreleased demos, and digital merchandise. Both fans and artists will be able to trade digital collectibles without having to deal with the technical aspects of the NFT space.
That being said, LimeWire has partnered with payment platform Wyre to allow users to make direct NFT purchases via bank transfer, credit card, and other fiat gateways. Items on the platform will also be priced in US dollars.
Founded in 2000, the original service was forced to shut down in 2010 following an injunction in the US to block "the searching, downloading, uploading, file trading and/or file distribution functionality, and/or all functionality" on the platform. LimeWire apparently got into trouble with record labels on alleged copyright infringement.
In its revived form, the company would be managed by a new team under the leadership of co-CEOs Paul and Julian Zehetmayr. LimeWire is also taking a new approach, according to the CEOs.
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.
The company is looking to attract up to 1 million users and artists within its first year, having teased a number of partnerships with “major artists” in the music industry.