LimeWire, a popular file-sharing tool popular in the early 2000s for illegally downloading music and movies, is now available and will reappear as an NFT marketplace.
After a four-year battle, LimeWire was beaten by the US music business in 2010. This remains a nostalgic memory to this day. It is now relaunching as a mainstream-ready, digital collectibles marketplace for art and entertainment, initially focusing on music, according to the new administration.
LimeWire NFT
LimeWire, a failed file-sharing program, is making a comeback after being purchased by Austrian entrepreneur brothers Paul and Julian Zehetmayr. They plan to revive it as a new marketplace for Non-Fungible Tokens (NFT), initially focusing on music content, under the name LimeWire GmbH.
Easy Access Using Credit Card
The LimeWire NFT platform aims to eliminate the present landscape’s obstacles by allowing users to sign up quickly and pay with a credit card directly through Wyre’s payment platform utilizing USD pricing. By the end of the first year, it wants to have partnered with top musicians and registered a million buyers.
Julian and Paul Zehetmayr, who purchased the naming rights for the service, will lead the relaunch. The Zehetmayrs also own Eversign, an electronic signature company, and Currencylayer and Stack Holdings, both B2B software companies.
Selling Music Directly To Consumers via NFT
“It’s important to note that we are not relaunching LimeWire as an alternative to streaming platforms, but rather as an additional channel for artists to sell exclusive music and art directly to collectors,” -Julian Zehetmayr, LimeWire.
The LimeWire website is now up and running, complete with a public waitlist. The marketplace will start in May. LimeWire’s new owners intend to provide limited edition records, unreleased demos, and digital items as NFT-backed products.
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While most NFTs use cryptocurrency to buy and sell, LimeWire will make things easier by showing pricing in US dollars. Users will be able to buy NFTs with a credit card rather than having to deal with any cryptocurrency. Investors will be able to purchase a LimeWire coin.
We have partnered with @Algorand as our official blockchain partner. Why Algorand?
✅ It's carbon-negative since 2021
✅ Algorand is scalable, fast and secure …
✅ … which makes it perfect for NFTs
✅ Consequently, we'll be able to offer free NFT minting pic.twitter.com/cxwlDixRy6— LimeWire (@limewire) March 14, 2022
LimeWire Case – Royalties
For those who recall LimeWire’s legal problems, they were on the verge of winning or reaching a settlement with the RIAA. This is based on one minor detail that they had a problem with, which is accounting. They asked the RIAA for a thorough accounting of the songs they collect royalties on. This is so they could legally pay royalties, and after multiple stumbles and delays, the RIAA provides an insufficient list.
LimeWire then made the legal argument that they couldn’t hold them liable if there was no accurate accounting. At that time, the case was already in delay so the RIAA collaborated with the record corporations to create an online clearinghouse. This is for artists/music that needs royalties. The subscription charge was so high that only one company could pay it at the time which is Apple.
LimeWire’s leverage was weakened as a result of this, and the company lacked the funds or publicity to pay the high price for online licensing checks. LimeWire though deserves credit for starting the process of forcing better royalties accounting in the music industry through their lawyers. Artists are still suing their record labels for royalty accounting and back pay even now. And thanks to LimeWire, the majority of them are winning.
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