📍 Las Vegas, NV, USA. on 23rd Oct 2022 at 00:00
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By Olumide Adesina
LimeWire, a digital collectibles marketplace, recently announced that it has partnered with Universal Music Group (UMG) a global leader in music-based entertainment, to make the collectibles available to a broader audience.
The deal will allow Universal Music Group artists and the labels under its umbrella to release tokenized digital collectibles via LimeWire's upcoming marketplace. In addition to Universal's own labels, it also owns such businesses as Interscope Records, Def Jam Records, Motown Records, Geffen, Republic Records, EMI, Virgin Music, and others.
Universal Music Group includes such talented artists as Taylor Swift, Kendrick Lamar, The Rolling Stones, U2, BTS, Chris Stapleton, the Weeknd, Abba, and Elton John. The agreement doesn't guarantee that any of those artists will release NFTs via LimeWire, but they will likely have the option.
In the near future, LimeWire will relaunch as an NFT marketplace specializing in music-related assets like music or artist collectibles.
Earlier last month, LimeWire disclosed that it raised $10.4 million through a token sale led by Kraken Ventures, Arrington Capital, and GSR, with support from Crypto.com Capital and musician Deadmau5's 720Mau5 fund.
LimeWire plans to begin its "official launch campaign" later this month and launch its "marketplace" shortly afterward, according to the token sale announcement. Digital items can be represented as NFTs, such as artwork, music files, and collectibles.
The Algorand blockchain network is a proof-of-stake network positioned as a rival to Ethereum, the leading platform for NFTs and decentralized applications. The investment firms Algorand and Hivemind announced last week that they acquired streaming service Napster (and formerly peer-to-peer), with plans to turn it into a Web3 music platform.
Universal hasn't entered the Web3 space for the first time. A Gorillaz-inspired virtual band based on a series of Bored Ape Yacht Club non-fiction titles was launched by UMG's 10:22 PM label last November. In addition to performing in metaverse worlds, the band will sell its own NFTs.
Recall, rival Warner Music Group had earlier partnered with The Sandbox, a metaverse game. Music label Lizzo, which is home to artists like Ed Sheeran and Lizzo, will develop virtual land within The Sandbox's game world and host concerts there.