LimeWire Taps Universal Music to Bolster Its New NFT Marketplace
Niko Pajkovic — May 19, 2022 — Tech
References: limewire & prnewswire
P2P music file sharing platform Limewire recently rebranded as a digital collectibles marketplace. Now, to kick off its relaunch, the company has officially partnered with its first major music studio, Universal Music Group.
According to a recent press release, the two companies will join forces in an effort to make LimeWire's digital collectibles more accessible by opening up its marketplace to all artists currently recording under the Universal Music Group label. As a result, all UMG musicians can now offer their own content -- whether it be audio files or behind-the-scenes footage -- as NFTs through the marketplace.
"Universal Music Group has always prioritized 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," said Jonathan Dworkin, EVP, Digital Business Development & Strategy at Universal Music Group.
Image Credit: LimeWire
According to a recent press release, the two companies will join forces in an effort to make LimeWire's digital collectibles more accessible by opening up its marketplace to all artists currently recording under the Universal Music Group label. As a result, all UMG musicians can now offer their own content -- whether it be audio files or behind-the-scenes footage -- as NFTs through the marketplace.
"Universal Music Group has always prioritized 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," said Jonathan Dworkin, EVP, Digital Business Development & Strategy at Universal Music Group.
Image Credit: LimeWire
Trend Themes
1. Music-focused NFT Marketplaces - Companies are rebranding P2P file-sharing platforms as digital collectibles marketplaces and partnering with major music studios to offer NFTs of artists' audio files and behind-the-scenes footage.
2. Universal Access to NFT Marketplaces - Partnerships between major music studios and NFT marketplaces are opening up marketplaces to all artists and granting greater accessibility to fans.
3. Enhanced Connection Between Artists and Fans - NFTs are providing an exciting new way for artists to connect with their audiences and offer exclusive content in a more creative and engaging way.
Industry Implications
1. Music Industry - Major music studios can leverage NFT marketplaces to offer fans exclusive content and enhance artists' connections with their audiences.
2. Digital Collectibles Industry - Rebranded P2P file-sharing platforms can enter the digital collectibles industry by offering NFT marketplaces for artists to showcase their exclusive content.
3. Blockchain Technology Industry - The rise of music-focused NFT marketplaces highlights opportunities for further innovation in blockchain technology, particularly in the areas of digital ownership and secure distribution of creative content.
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