LimeWire, the new NFT marketplace that grew out of the defunct popular music app of the early 2000s, has struck a major deal with Universal Music Group (UMG).
The partnership with UMG, a global leader in the booming music and entertainment sector, contributes to LimeWire's steady return to the limelight.
According to a press release issued on Tuesday , the deal with Universal Music allows the company to offer its digital collectibles marketplace to several legendary record labels and respected artists.
UMG licenses artists to LimeWire's NFT marketplace
Labels that could tap LimeWire's NFT marketplace to increase fan engagement via digital music NFTs and a Web3 experience include Interscope Records, Virgin Music, Republic Records, Def Jam Recordings, EMI, Capitol Records and Motown Records.
Paul and Julian Zehetmayr, Co-CEOs of LimeWire, commented on the collaboration, saying that the partnership is a " true demonstration of the pace at which the music industry is welcoming Web3 ".
" We're thrilled to open LimeWire's NFT ecosystem to artists and fans of Universal Music Group and can't wait to see the first creative projects on the market, " they added.
Going forward, the partnership will provide access to the licenses the marketplace needs to collaborate with artists signed to UMG, with the collaboration resulting in original music-based NFT projects.
The NFT space continues to grow as mainstream players, including governments, adopt the technology that enables the creation and securing of digital items on the blockchain.
Monetization opportunities mean the industry is perfect for artists and others looking to renew their revenue streams. LimeWire will make this available to UMG artists.
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