LimeWire, the relaunched NFT marketplace built from the early-2000s music app, has struck a major licensing deal with Universal Music Group (UMG).
The partnership with UMG, a global leader in music and entertainment, marks a significant milestone for LimeWire’s comeback and expands the marketplace’s ability to serve artists and labels.
According to a press release published Tuesday, the agreement with Universal Music grants LimeWire the rights needed to offer a digital collectibles marketplace to several iconic record labels and celebrated artists.
UMG licenses its artists for LimeWire’s NFT marketplace
Labels that can now participate on LimeWire’s 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, co-CEOs of LimeWire, said the collaboration is “a genuine demonstration of the pace at which the music industry is embracing Web3.”
“We’re excited to open the LimeWire NFT ecosystem to Universal Music Group artists and fans, and we look forward to seeing creative projects launched on the marketplace,” they added.
The partnership gives LimeWire access to the licensing required to work directly with artists signed to UMG and its labels, enabling original music-based NFT drops and other collaborative projects.
The NFT sector continues to expand as mainstream players, including institutions and governments, adopt blockchain-enabled tools for creating and securing digital assets. This growth creates new monetization opportunities that are well-suited to artists and rights holders seeking to diversify revenue streams.
LimeWire’s deal with UMG positions the marketplace to provide those opportunities to UMG artists, helping them explore fresh ways to connect with fans and generate income through music-focused NFTs.