Universal Music Group Will Reveal NFTs On LimeWire’s Algorand Based Marketplace

The prime music label behind BTS, Kendrick Lamar, U2, and Taylor Swift will allow artists to drop NFTs on the latest Web3 version of LimeWire.
Universal Music Group has made an agreement to let its artists launch NFTs through LimeWire, upcoming music platform.
Formerly a P2P music sharing facility, LimeWire released a music centric NFT marketplace on Algorand.

LimeWire Shakes Hands With Universal Music Group

Virtual music sharing facilities are reviving… in Web3 form. Just a few days after news broke that Napster will come back in form of an NFT marketplace on Algorand, LimeWire — which made an announcement regarding its own marketplace based on Algorand during March — declared today that it has struck a bargain to Universal Music Group to its platforms.

The international deal will allow artists signed to Universal Music Group and its plethora of imprint labels to launch tokenized virtual collectibles through the upcoming LimeWire marketplace.

Universal’s imprints involve the likes of Virgin Music, EMI, Republic Records, Geffen, Motown Records, Def Jam Records, Interscope Records and others.

Altogether, Universal Music Group lineup involves such massive artists like Elton John, Abba, The Weeknd, Chris Stapleton, BTS, U2, The Rolling Stones, Kendrick Lamar and Taylor Swift.

Today’s deal does not necessarily means that any of the mentioned artists will launch NFTs through LimeWire, but the platform will apparently works as a window for them to do so.

Revival Of LimeWire

LimeWire will be re-released as an NFT marketplace which will primarily be concentrated on the music-associated assets, whether it is genuine music or things such as collectibles and artwork from musicians.

Serial technical entrepreneurs Julian and Paul Zehetmayr took over the dormant P2P music sharing service previous year and made announcement regarding their Web3 strategies during March.

As per the token sale declaration, LimeWire plans to begin its “official launch campaign” later this month and then introduce the marketplace soon thereafter.

Algorand is a PoS blockchain network which is billed as contender to Ethereum, leading platform in dApps and NFTs. Just previous week, Hivemind and Algorand made an announcement that they had taken over Napster, with strategies to release a Web3 music platform.

= Napster acquired by Hivemind and Algorand =
1) Dear friends, we are excited to share that we’ve taken @napster private, and to bring the iconic music brand to the new era of open internet. More exciting news to come but here’s a quick thread to share our project with you all: pic.twitter.com/ob2bT0sCPK
— Matt Zhang (@zhang_matt) May 10, 2022

This is not Universal Music Group’s initial step towards Web3. Previous November, the label made an announcement regarding releasing the Kingship, a virtual band based on Gorillaz, which is based on Bored Ape Yacht Club.

Meanwhile, the contender Warner Music Group joined forces with The Sandbox game back in January. The label, which houses artists such as Ed Sheeran and Lizzo, will build a digital land in The Sandbox.

Anurag Batham is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.