See More

LimeWire Makes a Comeback as an NFT Marketplace

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • LimeWire relaunching as a NFT marketplace for digital collectables.
  • The file-sharing platform of old will now focus on music NFTs and exclusive content.
  • LimeWire will also have its own LMWR token.
  • promo

After more than a decade in the digital wasteland, former peer-to-peer music platform LimeWire will be reincarnated as a non-fungible token (NFT) marketplace.

The controversial service was shut down in 2010 after a legal battle with the Recording Industry Association of America over allegations of music piracy.

Along with BitTorrent and Napster, LimeWire paved the way for legitimate subscription-based streaming providers like Spotify and Netflix.

The infamous file-sharing platform has now been resurrected and will relaunch in May as a place for artists and fans to buy and trade music-themed NFTs.

LimeWire 2.0 will allow users to buy and trade rare and limited editions, unreleased demos, and merchandise. This can be done without a crypto wallet since the platform will enable users to pay with a credit card, by bank transfer, or through other fiat gateways, thanks to a partnership with start-up payment platform Wyre.

LimeWire under new management

Austrian brothers Julian and Paul Zehetmayr are behind the relaunch, after acquiring the LimeWire name and intellectual property last year.

“The issue with the NFT market is that most platforms are decentralized,” Julian Zehetmayr told CNBC. “If you look at bitcoin, all the exchanges are making it really easy to buy, trade, and sell bitcoin. There’s no one really doing the same in the NFT space.”

“We’ve obviously got this great mainstream brand that everybody’s nostalgic about,” he added. “We thought we needed to build a real mainstream user experience as well.”

And the duo will attempt to raise additional capital by launching a LimeWire token, which will allow access to exclusive community content and community voting. The company has already opened a waitlist for users that want to be part of its upcoming airdrop.

Julian Zehetmayr said there are “lots of parallels” between the NFT market today and LimeWire in the past, adding both are “kind of a Wild West.

“We’re trying to be a more mature platform and professionalize everything, just like Coinbase or other exchanges would do for crypto assets,” he said.

LimeWire isn’t the only peer-to-peer platform to get a makeover. Rival BitTorrent was acquired by TRON founder Justin Sun in 2018.

Top crypto platforms in the US | March 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

robert_drage-e1645550961919.png
Robert Drage
Robert is a researcher and writer with a passion for blockchain technology and interest in how it can improve the lives of people around the world. As the industry progresses, he continues to fall down the rabbit hole.
READ FULL BIO
Sponsored
Sponsored