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Comeback - File-sharing service LimeWire returns as an NFT marketplace

 


Former peer-to-peer file-sharing service Limewire, which was popular in the early 2000s and defunct in 2010, is making a comeback as an NFT marketplace under new leadership.


According to an official announcement on Wednesday, the service wants to stay true to itself in at least one respect, because the NFT marketplace is specifically about art and music. The trading platform for Non-Fungible Tokens (NFTs) plans to launch its own NFT in May.


The crypto digital art marketplace will be fully curated and will feature some of the biggest names in the music industry from launch. LimeWire has also teamed up with Algorand to enable cheap and energy-efficient minting.


The new minds behind the "old" service are brothers Paul and Julian Zehetmayr, who bought up the naming rights to revitalize the established brand on Web3. Given the earlier focus on music (the platform used to be primarily about illegal music downloads), it only makes more sense that musicians and artists are once again playing the lead.


The Zehetmayr brothers are open about the controversial past of their platform, although they have even set themselves the goal that LimeWire in the new edition should provide real added value for musicians and bands instead of harming them. To that end, Julian explains:


“LimeWire returns as a platform that is for the musicians, not against them. As a result, the majority of sales on LimeWire will go directly to the artists, and we will work closely with them to ensure the greatest flexibility and control over their work.”

Its controversial past has earned the platform multiple lawsuits from music labels, with original founder Mark Gorton eventually agreeing to pay $105 million in damages in May 2011.


As the new CEOs explain, the focus is therefore now on making things right by creating a marketplace for the crypto art of the music industry.

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