LimeWire
- LimeWire is resurrecting as an NFT marketplace after being shut down years ago as a peer-to-peer file-sharing platform.
- The NFT operations will go live in May with a waitlist now open.
- Two Austrian entrepreneurs and brothers bought the rights to the defunct business, Bloomberg reported.
LimeWire is preparing to relaunch as a marketplace for non-fungible tokens, making the move more than 10 years after shutting its doors as a file-sharing platform for music and other digital entertainment.
The company on Wednesday said it has set up a waitlist for people interested in joining its NFT marketplace when it goes live in May. The site will allow people to buy and trade music-related assets, its initial focus.
LimeWire's resurgence comes after a judge in 2010 issued a permanent injunction that stopped the company from allowing users to share music files. The order resulted from a copyright infringement lawsuit by the Recording Industry Association of America, or RIAA, filed in 2006.
LimeWire on Wednesday said it's aiming to bring 1 million users to its NFT platform within the first year through partnerships with major artists in the music industry.
"It's important to note that we are not relaunching LimeWire as an alternative to streaming platforms, but rather as an additional channel for artists to sell exclusive music and art directly to collectors. We will also offer a unique method for artists to connect and engage with their most loyal community of fans," said Julian Zehetmayr, LimeWire's Co-CEO, in a statement. The Austrian entrepreneur and his brother, Paul, purchased the rights to LimeWire, according to a Bloomberg report.
Onboarding should be "easy for NFT newbies," with items such as unreleased demos and graphical artwork to be priced in US dollars, the company said, adding that there will be no crypto wallet prerequisite. Users can buy collectibles with credit cards, bank transfers, and other fiat currency options through payment platform Wyre.
About 10 "really big mainstream" artists have signed on to be a part of LimeWire, Julian told Bloomberg. The report said members of the management teams behind legendary rap group Wu-Tang Clan and R&B singer H.E.R. will join LimeWire's board as advisers.