LimeWire Selects Algorand Blockchain For NFT Marketplace

March 14, 2022 7:10 pm

LimeWire announced that it has selected Algorand as their blockchain of choice to launch their NFT marketplace in an effort to provide an energy efficient solution for NFT buyers and sellers.

Algorand is widely known as a carbon negative blockchain and has been a popular choice among crypto projects who are looking to launch environmentally sustainable initiatives.

In addition to launching a marketplace on Algorand, LimeWire also plans to create its own native token to help facilitate its own marketplace platform which adds an additional token built on top of the Algorand ecosystem.

As the NFT and Web3 industries continues to mature, sustainability has always been a topic of discussion and it seems Algorand is positioned to take full advantage of that particular market segment.

Yahoo reports:

LimeWire recently announced it is relaunching as a mainstream-ready digital collectibles marketplace for art and entertainment, initially focusing on music.

It will be a one-stop marketplace for artists and fans alike to create, buy and trade digital collectibles without the technical hurdles of the current NFT landscape.

The company aims to bring digital collectibles to the mainstream and onboard one million users within the first year through partnerships with major artists in the music industry.

Music fans and collectors will be able to buy and trade a variety of music-related assets, such as limited editions, pre-release music, unreleased demos, graphical artwork, exclusive live versions, as well as digital merchandise and backstage content.

LimeWire aims to make onboarding easy for NFT newbies, with a quick and easy signup, seamless KYC and items priced in US dollars.

LimeWire has stated that its mission is to change the digital marketplace industry as the CEO has pointed out that marketplaces today mostly consist of savvy users and are still difficult to use for an average person.

This is because there are often prerequisites that a user has to go through in order to buy a digital collectible such as having a wallet setup or understand what crypto even is.

The company plans to simplify that process by removing all of those steps within the process which will help facilitate mainstream adoption.

In addition to selecting Algorand because of its eco-friendly qualities, the fast transactions and low costs of the Algorand ecosystem were also stated as determining factors for the company’s decision.

CryptoNewsBtc reports:

“We’re excited to see LimeWire launching on the Algorand blockchain and see huge potential for them to take the music collectibles market by storm.

The curiosity for digital collectibles will solely be rising and we’re wanting to help a world model like LimeWire getting into into the house to assist open up the market to the mainstream.”

LimeWire additionally introduced that it’ll launch its token later this 12 months.

Token holders will be capable of entry unique content material, be part of the LimeWire neighborhood, vote for artists and curation on {the marketplace}, scale back charges and take part in a reward program.

The crypto neighborhood can be part of LimeWire on Discord and Telegram to take part and get bulletins forward of time.

LimeWire already has various high-profile artists looking to join the platform which will certainly spread awareness to the digital marketplace market.

As a result, Algorand could potentially be one of the dominant blockchains in use once LimeWire launches its platform which is scheduled to be released in May 2022.

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