- Universal Music Group to release NFTs on LimeWire’s Algorand marketplace.
- This union will enable artists under the UMG contract to publish their NFTs.
- The music industry is embracing Web3: LimeWire Co-CEOs.
LimeWire, a former P2P file-sharing platform that was recently relaunched as a digital collectible marketplace, has inked a global deal with the multinational music corporation, Universal Music Group, (UMG) to bring its artists’ digital collectibles to global audiences through non-fungible tokens (NFTs).
As part of this new partnership, UMG artists can now offer audio recordings, audiovisual content, backstage footage as well as other artworks as NFTs on the @LimeWire marketplace and sell them directly to fans and collectors in a safe and trusted environment. https://t.co/oshxryaRAe
— Universal Music Group (@UMG) May 17, 2022
In the announcement made by UMG, a nearly 90-year-old company, this deal will enable international artists to release encrypted digital collectibles of their audiovisual content, audio recordings, bonus tracks, backstage content, and uncut footage along with other artwork or images as NFTs to sell directly to fans and collectors across the globe.
We see this partnership as a true demonstration of the pace at which music industry is embracing Web3.
Mentioned LimeWire Co-CEOs, Paul and Julian Zegermayr. “We are thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans with our easy-to-use marketplace,” they added.
Just about a week ago, LimeWire was in the news for raising $10.4 million in a private sale of LMWR tokens besides launching its own music-centric NFT marketplace on Algorand and.
“Universal Music Group has always prioritized its artists’ creativity and valued fans’ desire to engage in innovative new ways,” said Jonathan Dworkin, EVP, Digital Business Development & Strategy at UMG. He further stated that NFTs are now providing an exciting vehicle to enhance this connection between artists and audiences.
UMG is renowned for managing A-listers like Taylor Swift, Justin Bieber, Maroon 5, BTS, The Rolling Stone, Shawn Mendes, Drake, Abba, The Weeknd, U2, Chirs Stapleton, Elton John, and many others. It also made headlines earlier this month with its new Web 3.0 label 10:22PM which introduced ‘KINGSHIP,’ a band of 4 Bored Ape NFT characters.
In other Web3-related news, the music streaming platform Spotify is exploring opportunities to integrate NFT galleries on musicians’ profiles.
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