LimeWire, the revived NFT marketplace that evolved from the popular early-2000s music app, has signed a major agreement with Universal Music Group (UMG).
The partnership with UMG, a global leader in the growing music and entertainment industry, reinforces LimeWire’s comeback and brings the platform back into the spotlight.
According to a press release published Tuesday, the deal allows LimeWire to offer digital collectibles from a range of iconic labels and celebrated artists represented by Universal Music.
UMG to license artists for LimeWire’s NFT marketplace
Labels that can participate on the LimeWire NFT marketplace to boost fan engagement through digital music NFTs and Web3 experiences include Interscope Records, Virgin Music, Republic Records, Def Jam Recordings, EMI, Capitol Records and Motown Records.
Paul and Julian Zehetmayr, LimeWire co-CEOs, praised the collaboration, calling it “a true demonstration of the pace at which the music industry is embracing Web3.”
“We are excited to open the LimeWire NFT ecosystem to Universal Music Group artists and fans, and we look forward to seeing the first creative projects launched on the marketplace,” they added.
Important milestone reached! We’re thrilled to announce our partnership with Universal Music Group @UMG, opening up opportunities for music NFTs to all artists signed to Universal and UMG labels.
Read more here 👉 https://t.co/VHolELPC1e pic.twitter.com/JfE3IfMEQ0
— LimeWire (@limewire) May 17, 2022
Going forward, the partnership grants the marketplace the necessary licenses to collaborate with artists signed to UMG, enabling original, music-based NFT projects to be produced and offered to fans.
The NFT sector continues to expand as mainstream participants, including public institutions, adopt the technology that enables creation and provenance of digital assets on the blockchain.
New revenue opportunities make the space attractive for artists and others seeking to diversify income streams, and LimeWire aims to provide those opportunities to UMG artists.