If you are a recording artist, you are probably not a huge fan of the company Limewire. Those that aren’t familiar with the company may be more familiar with similar operations like Napster which were filesharing sites that shared recorded music and other media. They rocked the recording industry because of how easy they made the prospect of pirating music for users. Limewire was one of the most popular companies like this.
Limewire is back, but it’s not how you think. The company is now trying to win back the hearts of musicians and other industry professionals through the Blockchain. This is through the use of NFTs. The music industry is ready for these digital collectibles like never before as it reels from the revenue lost in live music over the course of the pandemic. These crypto-assets create a digital fingerprint or watermark on any piece of work minted on the Blockchain.
Limewire is jumping on the 2022 trend of major corporations moving to the Blockchain industry as early as May. They will start with a number of music NFTs that help artists retain the revenue their work earns, instead of it being lost to piracy.
The company was shut down in 2006 after a series of lawsuits were levied against it by a variety of music and record companies. The economic blow from these lawsuits was just too much for the company to withstand. As you can imagine, reviving a company with this history with new owners was a complicated process, so it stands to reason that the new version of Limewire can be trusted.
You may note that the company was shuttered for digital piracy in the past. Well, it’s back, but not with the same owners. The Austin, Texas-based company is now run by new CEOs and brothers, Paul and Julian Zehetmayr. These two are not known to have experience in music, but they may be just the two to turn this company around because of their tech experience.
How are they going to help? Well, they understand that, while cryptocurrency is more popular and well-known than ever, most music fans still don’t own any. This is where Limewire comes in. They are here to bridge the gap between the consumer and the artist, making it much easier for both of them to enter into the NFT space.
Artists will get 90% of the revenue generated by the sales of these NFTs, which the company hopes will help make up for its damage to the industry in the past. Limewire’s goal is to get over 1 million users on the platform within its first year of operation. This includes small independent artists all the way up to some of the biggest musical artists in the industry. If the company hits its goal in the first year, there is no telling where musical NFTs could go in the future.
If you are a musician or a music fan, there is no reason to ignore NFTs. Their popularity and future utility lead many experts on Blockchain technology to think they are the future of the music industry for anyone that wants to generate revenue.