The new owners promise to make LimeWire a “return to form” and give musicians more control over their content.
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Limewire, a popular peer-to-peer file-sharing website from the early 2000s that went defunct in 2010, is making a reentry in the market with a digital collectible marketplace at the hands of its new owners. The platform announced Wednesday that it will launch a non-fungible token marketplace (NFT). It is focusing on the art and music industries. NFT Marketplace is set to launch in May. An official NFT with token rewards system will follow later in the year.
The marketplace is fully curated, and will launch with major artists partnerships from the music business. Algorand has been partnered by LimeWire for energy-efficient and cost-effective minting.
Brothers Paul and Julian Zehetmayr bought the rights of the company with hopes of reviving the brand in the Web3 era. LimeWire was originally used to download pirated music. The new era of the brand will focus on artists and the music business. The CEO brothers spoke out about the controversy surrounding LimeWire and stated that it was one reason for the brand’s revival and support of true artists.
“LimeWire is returning as a platform for artists, not against them. Julian stated that LimeWire will pay the majority of its revenue directly to artists and will work with them to give creators full control over their content.
Limewire’s controversial past had been the reason for several lawsuits from music labels and the founder of the platform Mark Gorton agreed to pay $105 million as a penalty to record labels for copyright infringement in May 2011. The CEOs of the company stressed that the firm’s relaunch will be focused on fixing the problem and creating a digital marketplace for musicians.