STOCKHOLM (REUTERS/BLOOMBERG) – File-sharing service LimeWire, which shut down in 2011 below fireplace from the music trade, is making a comeback as a digital collectibles market for artwork and leisure, initially specializing in music.
Launched in 2000, LimeWire grew to become the world’s largest outlet for folks to share music, films, and TV reveals freed from cost over the Web, attracting 50 million month-to-month customers at its peak reputation.
Blaming piracy as one of many predominant causes for declining music gross sales, document corporations sued LimeWire in 2006, forcing it to close down 5 years later. However now, LimeWire plans to leap on the newest Web bandwagon: NFTs.
A non-fungible token (NFT) is a crypto asset which makes use of blockchain to document who owns a digital file akin to a picture or video.
Whereas NFTs would enable artists and musicians to have extra management over digital copies of their work – repairing the harm brought on by unlawful streaming – the nascent market is rife with scams, fraud and market manipulation.
It was a posh course of for the brand new staff – led by co-chief government officers and brothers Paul Zehetmayr and Julian Zehetmayr – to personal LimeWire mental properties after 12 years of inactivity.
“It is a very iconic identify. Even in the event you look on Twitter right this moment, there’s lots of of individuals nonetheless being nostalgic concerning the identify,” mentioned Julian in an interview. “All people connects it with music and we’re launching initially a really music-focused market, so the model was actually the proper match for that with its legacy.”
LimeWire mentioned it should companion with the music trade and the artists, who can promote pre-release music, unreleased demos, graphical paintings, unique dwell variations, in addition to digital merchandise and backstage content material.
The beginning-up may even launch its personal utility token by way of a non-public sale inside the subsequent three weeks, which Paul mentioned can be used like a loyalty program.
Julian mentioned round 10 “actually huge mainstream” artists have signed on to be part of LimeWire’s providing to this point.
Moreover, members of the administration groups behind award-winning artists H.E.R. and the Wu-Tang Clan might be becoming a member of the start-up’s board as advisers, together with Wyre CEO Ioannis Giannaros and NFT consultancy 6 Company, which facilitated the acquisition of a uncommon Wu-Tang Clan album from the US authorities for PleasrDAO final yr.
In contrast to different NFT marketplaces that transact predominantly in cryptocurrencies, all belongings on LimeWire might be denominated in US {dollars} in order to develop its marketability to mass audiences, with fee accepted in crypto or fiat forex.
The platform may even supply Bitcoin and Ether wallets and custodial providers for the tokens themselves, facilitated by a partnership with blockchain funds agency Wyre.
The brand new LimeWire staff, unfold over Austria, Germany and Britain, plans to launch the service in Could that may enable music followers and collectors to purchase and commerce quite a lot of music-related belongings.