LimeWire’s new owners aim to “make things right” with the NFT marketplace and promise to give music artists control over their content. Limewire, a prominent peer-to-peer file-sharing website from the early 2000s that went defunct in 2010, is making a comeback under new ownership with a digital collectible marketplace.
The platform revealed its plans to build a nonfungible token marketplace focusing on the art and music industries in an official announcement on Wednesday. The NFT marketplace is set to begin in May, and an official NFT with a token reward system is scheduled to open later this year. The marketplace will be completely curated and will debut with big artist partnerships from the music business. LimeWire has also collaborated with Algorand on cost-effective and energy-efficient mining.
Paul and Julian Zehetmayr purchased the company’s rights with the aim of reviving the brand in the Web3 era. Given LimeWire’s background in the music business, the brand’s new era will be dedicated to supporting artists and the music industry. The CEO brothers addressed the platform’s controversial past, claiming it was a major factor in their decision to revive the brand and promote true artists and their talent.
Limewire’s controversial history has resulted in multiple lawsuits from record companies, and the platform’s founder, Mark Gorton, agreed to pay $105 million as a penalty to record labels for copyright infringement in May 2011. The firm’s CEOs emphasised that the relaunch is all about making things right and creating a digital collectable marketplace for the music community.