On May 18, Universal Music Group signed a deal with LimeWire, a new music NFT marketplace, to let its artists release NFTs on the platform. Artists registered with Universal Music Group and its many imprint labels will be able to distribute tokenized digital collectibles through the future LimeWire marketplace as part of the global partnership. Artists will be able to display and share their audio recordings, audiovisual content, backstage video, and any artwork and photographs as NFTs on the LimeWire marketplace, and sell them directly to fans and collectors.
Jonathan Dworkin, EVP, Digital Business Development & Strategy at Universal Music Group, commented on the partnership:
“NFTs are providing an exciting vehicle to enhance this connection between artists and audiences. This is why we are delighted to have partnered with LimeWire, who is focused on guiding everyday users into this expansive arena, in this new era of Web3 engagement and music appreciation.”
LimeWire’s name rights were purchased by Paul and Julian Zehetmayr, and this step marks a significant milestone for the company. The pair thinks that the exhilaration that defined the LimeWire brand in the 2010s may be resurrected today. The cooperation with UMG will help the firm restore credibility, and the use of blockchain will assist in addressing the long-standing problem of copyright infringements, which led the site to close over a decade ago.
The new UMG-sponsored NFTs will be housed on the LimeWire platform, and users will have access to them through a very user-friendly interface.
Universal Music Group has established itself as one of the major music licensing companies in the world today. The company recently secured a £320 million contract with Drake, a Canadian-American singer, and the partnership with LimeWire will undoubtedly help both companies grow their influence on all fronts.
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 partnered with LimeWire to launch non-fungible tokens (NFTs) based on music of UMG artists.){kind=link}