Can LimeWire Brand Juice take over the new NFT-based music marketplace?
Can LimeWire Brand Juice take over the new NFT-based music marketplace?
- LimeWire was introduced in 2000 and was a popular peer-to-peer filesharing service until it was sued in 2010 by the Recording Industry Association of America
- The NFT marketplace will be an artist alternative too Spotify that pays out notoriously low license fees
Every music fan who was born in 1990, probably remembers Limewire, which in the days of the free MP3 swapping services Napster and Bittorrent became more important.
but music labels regarded the service as a pioneer for the theft of intellectual property on a large scale and sued him. After a four-year judge That ended with a "permanent injunction" in New York, the company moved 50 million users Peer-to-peer plug.
Now two Austrian entrepreneurs-the brothers Julian and Paul Zehetmayr-bring Limewire back with a crypto twist. The Zehetmayrs acquired the intellectual property of Limewire in 2021 for an unspoken sum, in the hope of promoting the introduction of a new music-oriented NFT marketplace.
The project-which has nothing to do with its namesake-should start in May and enable fans and music collectors to act music-related assets with NFTS (non-fungable tokens).
According to Sara Moric, Global Communications Lead by LimeWire, the platform differs from the large actors in today's NFT marketplace business such as OpenSea and Rarible by being kept and it enables customers to buy NFTs with Fiat currencies.
"To say it clearly, we are big fans of decentralization," Moric told Blockworks. "At the same time, we believe that the market is not yet ready to make fully decentralized platforms attractive and usable for the mainstream."
nfts are shaped on a blockchain - the company refused to specify this until the announcement later this month - and can be withdrawn in wallets without custody.
"We actually combine the best of both worlds and enable users to act decentralized collectors on a user-friendly deposit platform that offers Fiat payments, easy registration without a wallet and a very simple and clean user experience," said Moric.
It is planned to share 90 % of the primary sales income with artists, while Limewire will make a reduction of 10 %. The platform commission for second sales will be lower and bring in artist license fees.
In the fourth quarter there will also be a token, LMWR, which enables users to reduce commission fees, to participate in a premium program and to participate in the coordination and moderation of initiatives.
When Limewire was switched off in 2010, a judge at the US district court called . (Incidentally, Napster suffered a similar fate in 2002, while Bittorrent survived as a decentralized network, which was finally acquired by Justin Sun in 2018 to strengthen the tron ecosystem.)
"web2" successor such as Spotify switch on plate companies to the action, but pay the artists a small fraction of the sales proceeds. NFT-based music services should determine the origin of media content and at the same time distribute revenue, including license fees.
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The Post Can LimeWire Brand Juice take over the new NFT-based music marketplace? is not a financial advice.