Universal Music Group ties with LimeWire to make music NFTs mainstream

Universal Music Group (UMG) has entered a strategical woody with LimeWire, a integer collectibles marketplace. LimeWire revealed this quality yesterday done a property release, noting that this concern involves non-fungible tokens (NFTs). Specifically, this woody volition spot some companies strive to marque integer euphony collectibles much accessible.

According to the press release, this collaboration volition spot UMG artists and grounds labels entree LimeWire’s Algorand-based NFT marketplace. The marketplace volition service arsenic an further level for the artists and labels to research assorted ways to prosecute with fans done integer collectibles and the web3 ecosystem.

Moreover, the marketplace volition assistance UMG artists and labels make caller gross streams.

This statement saw UMG connection LimeWire licenses to fto it spouse with its artists. This proviso helps streamline the motorboat of innovative music-based NFT projects done the LimeWire marketplace.

Commenting connected this collaboration, LimeWire co-CEOs Paul and Julian Zehetmayr said,

“We spot this concern arsenic a existent objection of the gait astatine which the euphony manufacture is embracing Web3. We’re thrilled to unfastened up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t hold to spot the archetypal originative projects being launched connected the marketplace.”

Coming backmost with a bang

Explaining wherefore UMG decided to squad up with LimeWire, Jonathan Dworkin, EVP, Digital Business Development and Strategy astatine Universal Music Group, said,

“Now, NFTs are providing an breathtaking conveyance to heighten this transportation betwixt artists and audiences. This is wherefore we are delighted to person partnered with LimeWire, who is focused connected guiding mundane users into this expansive arena, successful this caller epoch of Web3 engagement and euphony appreciation.”

Universal Music Group’s Senior Vice President of Digital Business, Central Europe, Holger Christoph, said this concern would let mainstream consumers to enactment successful the web3 ecosystem done a harmless and trusted situation with debased introduction barriers.

This quality comes aft LimeWire announced plans to relaunch arsenic an NFT marketplace successful March. A period later, the institution secured $10.4 cardinal successful a backstage merchantability of its LMWR token. Investors successful the backstage merchantability included Kraken Ventures, Arrington Capital, GSR, and DAO Jones, to sanction a few.

At the time, LimeWire said it seeks to commencement its authoritative motorboat run this period and unfastened its marketplace soon afterward. Unlike different NFT marketplaces, LimeWire volition database integer collectibles successful US dollars.