Limewire, a digital collectables marketplace, struck a deal with critically acclaimed Universal Music Group (UMG) for its music NFT licensing platform. The exciting news was announced on May 17th that the world’s leading music company would collaborate with Limewire and make music collectables accessible to a broad audience, including limited editions, pre-release music, demos, album artwork, backstage footage and exclusive live performances. Also, any artwork and images can be transformed into an NFT! The platform will focus on music and be a one-stop-shop for fans and artists to create, buy, and trade NFT collectables. Thus, UMG artists can leverage Limewire’s platform by exploring different methods of engaging with core fans by offering digital mementoes to generate new revenue streams. Furthermore, Limewire has decided to switch up the payment options by offering card payments to users for NFT purchases, which are usually limited to cryptocurrency on other platforms. The alliance will allow UMG to provide Limewire licenses to collaborate with its artists and launch innovative content utilising Limewire’s marketplace.
According to a report from CNET, two Australian brothers, Paul and Julian Zehetmayr, acquired the Limewire website and planned to relaunch it as a mainstream-ready digital collectables marketplace for art and entertainment. The company declared it raised $10.4M in a private sale of its LMWR token, led by large VC firms, including Deadmau5’s 720Mau venture fund, DAO Jones, and investors of high profile members within the music industry, such as Steve Aoki.
Limewire CEOs Paul and Julian Zehetmayr stated, “We see this partnership as a true demonstration of the pace at which the music industry is embracing Web3. We’re thrilled to open up the Limewire NFT ecosystem to Universal Music Group artists, and fans cant wait to see the first creative projects being launched on the marketplace”.
Jonathan Dworkin, EVP Digital Business Development & Strategy at Universal Music Group, expressed, “Universal Music Group has always prioritised its artists’ creativity and valued fans’ desire to engage in innovative new ways. Now, NFTs are providing an exciting vehicle to enhance this connection between artists and audiences. This is why we are delighted to have partnered with Limewire, who is focused on guiding everyday users into this expansive arena in this new era of Web3 engagement and music appreciation,”.
According to Holger Christoph, Universal Music Group Senior Vice President of Digital Business Central Europe, “Universal Music Group and our labels are fully embracing the exciting Web3 space and will work with our new partner Limewire, our artists and their communities on engaging NFT projects with real utility and creating cool experiences for fans, while allowing mainstream consumers to participate in a safe and trusted environment with low entry barriers”.
Eminem is one of few artists who embraced the NFT metaverse by splurging over a quarter million pounds on a customised Bored Ape. He also recently launched his “Marshall Masterpiece” card packs for diehard fans to purchase.
A clip taken from Eminem and Snoop Dogg’s latest
In May 2003, Limewire was a peer-to-peer (P2P) file-sharing software used to distribute content across the web. Limewire permitted users to access and share file types, including AVI/MPEG (Visual), MP3 (audio), JPG (image) etc. However, in 2010 Limewire was forced to shut down after being found guilty of supporting users in committing copyright breaches. However, In May 2020, the company announced its comeback and rebranded itself as a digital collectables marketplace for music, art and entertainment. Limewire’s marketplace aims to improve user experience and offer technical support and credit card payments while leveraging all benefits of Web3.
About Universal Music Group
Universal Music Group is the world leader in music-based entertainment that strives to shape culture through the power of artistry. UMG has an array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. The umbrella corporation is home to numerous reputable record labels such as Interscope Records, Republic Records, Virgin Records, Capitol Records, and many more.
With a broad range of businesses engaged in recorded music, music publishing, merchandising and audiovisual content, UMG identifies and develops artists and produces/distributes the world’s most critically acclaimed and commercially successful music. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms, and business models to broaden artistic and commercial opportunities for its artists and create new experiences for fans.
We’re ecstatic about the merger and excited to see what the future holds for Limewire and UMG’s business venture. Limewire’s marketplace launch is still yet to be confirmed, although it was initially meant to be in May. Nonetheless, users can still sign up for the waiting list and join the Limewire discord group for future updates.
If you haven’t read about NFTs or are unsure of what they are, take a look at the first instalment of our NFT blog series,’ What is an NFT?‘ which defines what they are and examines the different types available on the market.