LimeWire is returning as an NFT (non-fungible token) platform.
The peer-to-peer file-sharing software, which was used largely for downloading illegal MP3s in the '00s, is relaunching as a music-focused NFT marketplace.
According to a report from CNET, Austrian brothers Paul and Julian Zehetmayr have acquired the LimeWire website and will relaunch it in May 2022, and "dive into the marketplace for the digital collectibles with a focus on music, entertainment content and art".
Fans and collectors will be able to buy and trade items such as limited editions, pre-release music, demos, album artwork, exclusive live performances and digital merchandise. The new LimeWire will also reportedly switch up payment options for NFTs, which are usually limited to cryptocurrency, to allow payment by credit cards.
Speaking with Bloomberg, Julian said that although the marketplace will not be affiliated with the defunct platform, he hopes to invoke a sense of nostalgia. “It’s a very iconic name. Even if you look on Twitter today, there’s hundreds of people still being nostalgic about the name," he said. "Everybody connects it with music and we’re launching initially a very music-focused marketplace, so the brand was really the perfect fit for that with its legacy.”
The forthcoming LimeWire marketplace has a waitlist that you can sign up for here.
One of the Internet’s most talked-about acronyms — which stands for non-fungible token — is redefining digital ownership. But could NFTs really revolutionise the music industry, give the power back to artists, introduce new revenue streams, and ensure artists are automatically and accurately paid for their work? Or is it another ego-driven exercise for crypto investors, with a dramatic environmental impact? In a feature for DJ Mag last year, digital tech editor Declan McGlynn investigated the world surrounding NFTs.