Universal Music Group Partners With Algorand-based LimeWire Marketplace

May 20, 2022 6:07 pm

Universal Music Group is one of the biggest labels in the music industry that has the most well-known artists and content creators signed with it.

It was just announced that the music label will now be releasing its own NFTs on the LimeWire marketplace which is built on top of the Algorand blockchain.

With this new partnership, artists will be able to release their own digital collectibles as NFTs which exposes the use of the Algorand blockchain to the center of the entire music industry.

As a result, this is expected to drive both the growth of the use of NFTs as well as the use of the Algorand ecosystem by the mainstream public.

Decrypt.co reports:

Collectively, the Universal Music Group lineup includes such massive artists as Taylor Swift, Kendrick Lamar, The Rolling Stones, U2, BTS, Chris Stapleton, The Weeknd, Abba, and Elton John. Today’s deal doesn’t necessarily mean that any of those artists will release NFTs via LimeWire, but they will apparently have the opportunity to do so.

LimeWire will be relaunched as an NFT marketplace that’s initially focused on music-related assets, whether it’s actual music or things like artwork and collectibles from musicians.

Serial tech entrepreneurs Paul and Julian Zehetmayr acquired the dormant peer-to-peer music sharing service last year and announced their Web3 plans in March.

In April, LimeWire revealed that it raised $10.4 million in a token sale led by Kraken Ventures, Arrington Capital, and GSR, with participation from other firms such as Crypto.com Capital and musician Deadmau5’s 720Mau5 fund.

As LimeWire continues to expand and raise more capital via its token sale, it is positioned already to be the leading NFT marketplace that utilizes Algorand.

As a result, Algorand is becoming one of the leading competitors to Ethereum which is currently the leading ecosystem for NFTs and decentralized apps.

Algorand has also been making progress in the streaming sector as well through its acquisition of Napster which used to be a popular music service brand.

The acquisition aims to utilize it for a Web3 launch as the Web3.0 industry continues to become more popular.

PRNewsWire reports:

Using LimeWire, artists signed to UMG can now offer audio recordings, audiovisual content, backstage footage and any artwork and images as NFTs on the LimeWire marketplace and sell them directly to fans and collectors.

Musicians can release bonus tracks and exclusive material, sell uncut or backstage content, and much more.

“Universal Music Group has always prioritised its artists’ creativity and valued fans’ desire to engage in innovative new ways. Now, NFTs are providing an exciting vehicle to enhance this connection between artists and audiences.

This is why we are delighted to have partnered with LimeWire, who is focused on guiding everyday users into this expansive arena, in this new era of Web3 engagement and music appreciation,” said Jonathan Dworkin, EVP, Digital Business Development & Strategy at Universal Music Group.

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