Artists signed to Universal will now be able to tap into the LimeWire – crypto-currency marketplace to engage with fans and generate new revenue.
NEWLY relaunched LimeWire, a non-fungible tokens (NFT) platform, has struck a deal with Universal Music Group for content licensing on a global scale – allowing all artists to use its NFT marketplace.
In March, twelve years after being shut down by a court order – with investors such as Steve Aoki and Deadmau5 – the former P2P file sharing platform, LimeWire announced that by the end of this year it will return as an NFT marketplace with an initial focus on music collectibles.
This partnership is LimeWire’s first major music label partnership and through this, it will collaborate on making digital music accessible to a wider audience.
LimeWire has also previously said in a statement that it intends to drastically lower barriers of entry into the world of NFTs, and the deal with UMG will represent a significant step forward.
After the deal, UMG artists as well as many of its iconic record labels including Interscope Records, Republic Records, Def Jam Recordings, Capitol Records, Motown Records, Geffen, EMI, Virgin Music, and more, will now be able to use the LimeWire marketplace as an additional platform to explore unique ways to engage with their fans through digital music collectibles and Web3 and can generate new revenue streams.
By offering NFT projects to artists and fans, LimeWire and UMG both will focus on the quality of content, its utility, and accessibility for the mainstream media.
Under the agreement, Universal Media Group will provide content licenses to LimeWire, allowing the marketplace to connect with UMG artists directly for the purpose of selling audio recordings, audiovisual content, artwork, bonus tracks, and more.
According to a press release, collectibles from these artists can be purchased with a credit card, and the LimeWire platform will handle technical hurdles on behalf of its users.
“We see this partnership as a true demonstration of the pace at which the music industry is embracing (token-based technology) Web3,” said LimeWire Co-CEOs Paul and Julian Zehetmayr in a statement.
“We’re thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t wait to see the first creative projects being launched on the marketplace.”
In a statement, UMG Executive Vice President of Business Development & Strategy, Jonathan Dworkin noted his appreciation for LimeWire’s focus on “guiding everyday users into this expansive arena.”
He added, “Universal Music Group has always prioritised its artists’ creativity and valued fans’ desire to engage in innovative new ways. Now, 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.”
Besides that, Holger Christoph, UMG Senior Vice President of Digital Business, Central Europe, also stated: “Universal Music Group and our labels are fully embracing the exciting Web3 space and will work with our new partner LimeWire, our artists and their communities on engaging NFT projects with real utility and creating cool experiences for fans, while allowing mainstream consumers to participate in a safe and trusted environment with low entry barriers.”