LimeWire, first launched in the year 2000, quickly became a popular file sharing app where consumers would share music between each other. However, just a 10 short years later, the company was shut down as music producers claimed copyright infringement.
Now, it looks like LimeWire is coming back, and this time, instead of working against musicians, it will be working with musicians in the metaverse. Here’s what’s going on:
LimeWire Makes a Comeback
Last year, Paul and Julian Zehetmayr purchased the LimeWire brand and now, they’re acting as co-CEOs to bring it back to the mainstream. However, it won’t be the file sharing service it once was.
Instead, it will be reintroduced to a wave of digital listeners as an NFT marketplace surrounding music.
The company will be operated by a completely new team and there will be no ties to the original company. The brothers that purchased the brand see the relaunch as an opportunity to reshape the listening narrative around the brand.
While the platform will not allow users to freely share songs, it will help artists by letting them sell NFTs representing songs and giving fans a direct link to support the musicians that make their favorite hits.
The new platform will be highly accessible with the goal of attracting a larger audience. Moreover, it will price the NFTs in USD and will let users purchase them with credit cards, bank transfers, and other fiat currency payments through Wyre. No self-custodied crypto wallet will be necessary.
While the brothers haven’t said which blockchain the platform will run on, they have said that it will be cost-efficient, energy-efficient, and have fast transactions. Moreover, it will be a major blockchain that has the ability to communicate with ethereum and polygon.
The new LimeWire will start with music NFTs and related collectibles. However, in the near future, it plans on launching its own token that has governance functionality for voting on artists to be added. Moreover, the token will provide access to exclusive content and discounts.
In a statement, the brothers behind the rebirth of LimeWire had the following to offer:
“We highly appreciate the strength and energy around the LimeWire brand and what it meant for a whole generation of people, and we could not be more excited to bring it back to life in the fast-moving world of digital collectibles, music, and entertainment.
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.
We’ve seen across the industry that there is a hunger for taking back control and ownership, and we are here to make that happen for artists and creators. We see NFTs as collectibles just like vinyl, and we believe the market needs a brand like LimeWire to take the concept of owning digital collectibles mainstream.”
The Bottom Line
The bottom line here is simple. LimeWire is coming back in the metaverse and it’s likely to be a massive hit. As consumers find ways to directly support the artists they listen to, the sky’s the limit.