LimeWire File Sharing Service Returns As NFT Marketplace

Time Stamp: March 9, 2022 12:57 PM
Source Node: 1208268

LimeWire file sharing service returned to the scene as an NFT marketplace thanks to a new team that will launch the platform for music collectibles so let’s read more in today’s latest crypto news.

LimeWire says it will give up to 90% of the revenue from NFT sales directly to the artists. The LimeWire marketplace will focus on user accessibility by pricing the NFTS in US dollars and will also accept credit card payments. Limewire was a file-sharing service that shut down in 2011 but now it has plans to relaunch as a digital collectible marketplace for music, art, and entertainment.

The file-sharing site announced that it will resurrect its intellectual property to launch a multimedia NFT marketplace and the entrepreneurs Paul and Julian Zehetmayr will act as CEOs of the platform. The new marketplace will have a whole new team with no connection to the original file-sharing site. The debut should happen by May. Launched in 2000, Limewire became one of the main destinations for music and file sharing on the internet however because of the large amount of pirated content that was found on the site, more than 13 companies sued the company whcih led to the result in 2011 and forced to pay $105 million in damages that led to the shutdown of the site.

Monthly NFT Purchases, users, platforms

This time, instead of helping users download music for free, LimeWire will focus on supporting the musicians. The company plans to forge partnerships in the music industry and to allow artists to sell their pre-release music or another type of work in NFT form. LimeWire also said it will give up to 90% of the revenue from the sales to the artists. Zehetmayer said:

“LimeWire kind of laid the foundation for music streaming. It’s a piece of Internet legacy, and we are thankful that we can turn it around [into] something for the music industry.”

LimeWire served over 50 million monthly users and is a recognized company among early internet users. It has high hopes for its foray into NFTs and will focus on user accessibility by pricing the FNTs in dollars and will accept credit card payments as well as other fiat currency payments in partnership with Wyre. The platform is not the only company to make plans for the NFT industry amid the rising interest in technology. Back in 2021, we saw GameStop pivoting to launch its own digital collectibles for in-game items trading. Meta also hinted at plans to allow users to purchase and sell NFTS via Instagram and Facebook.

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