LimeWire coming back as an NFT Marketplace

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LimeWire coming back as an NFT Marketplace
11 Mar 2022
6 min read

News Synopsis

LimeWire is preparing to reopen as a marketplace for non-fungible tokens more than a decade after closing its doors as a file-sharing platform for music and other digital entertainment.

The company announced on Wednesday that it has set up a waiting list for those interested in joining the NFT Marketplace, which will be operational in May. The site will allow people to buy and trade music-related assets, which is the primary focus of the NFT marketplace.

The revival of LimeWire will occur after a judge granted an injunction in 2010 prohibiting the company from allowing users to share music files. This order stems from a 2006 lawsuit alleging copyright infringement by the Recording Industry Association of America (RIAA).

It is aiming to have 1 million users on its NFT platform within the first year through a partnership with major artists in the music industry. 

The company has also said that onboarding should be easy for NFT beginners with items such as unreleased demos and graphical artwork to be priced in US dollars. It also said that there will be no crypto wallet prerequisite. Users can purchase goods using credit cards, bank transfers, and other fiat options through the Wyre payment platform.

Julian Zehetmayr, the co-CEO of LimeWire has said that about 10 "really big mainstream" artists had signed to be a part of LimeWire. According to the report, the legendary rap group Wu-Tang Clan and R&B singer H.E.R. LimeWire will join LimeWire's board as advisors.

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