On March 14th, Limewire announced that it had chosen the Algorand blockchain to support its comeback as an NFT marketplace. Algorand was chosen by Limewire because it has been carbon-negative since 2021, and its scalability and security make it ideal for digital collectibles like NFTs, according to the company. The arrangement would also allow the user to mint fresh NFTs for free, according to the business.
The firm also plans to establish its own cryptocurrency, the $LMWR token, and has started a queue for both consumers and producers to join the impending platform. The waitlist also includes a 10,000 NFT airdrop and access to Limewire’s token pre-sale.
Limewire’s original goal is to create an NFT music marketplace that combines the present web2 user experience with the advantages of web3. The idea is to create an ecosystem in which producers and users can directly interact. Creators may easily create new NFTs for free, which users can purchase using cryptocurrency.
Instead of relying on a native token, the ecosystem promises to be interoperable with a range of cryptocurrencies, and users will be able to freely trade their NFTs on its platform.
Limewire claims to be attempting to bridge the gap between NFTs and average users. According to the company’s Twitter, around 250,000 people have signed up for its waitlist.
According to the firm, NFTs and the general crypto marketplace is currently quite exclusive. Access is restricted to a small number of people who understand the developing technology. Limewire’s purpose is to make the transition into NFTs as easy as possible for folks who are new to the field.
It plans to integrate regular payment systems and charge for NFTs in USD. It will also allow users to buy NFTs directly in dollars via credit cards or bank transfers, further integrating the marketplace into mainstream payment methods and web3-based payment systems.