LimeWire, the new NFT marketplace that grew out of the discontinued popular music app of the early 2000s, has made a big 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 spotlight.
According to a Tuesday published press release the deal with Universal Music allows the company to offer its marketplace for digital collectibles to several legendary record labels and respected artists.
UMG Licenses Artists for 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.
Commenting on the collaboration, Paul and Julian Zehetmayr, co-CEOs of LimeWire, said that the partnership is a “a true demonstration of the speed with which the music industry welcomes Web3“.
„We are excited 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.
Important milestone reached! We’re excited to announce our partnership with Universal Music Group @UMG, opening up opportunities for music NFTs to all artists signed to Universal and UMG labels.
– LimeWire (@limewire) May 17, 2022
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 elements on the blockchain.
Monetization opportunities mean that the industry is perfect for artists and others looking to renew their revenue streams. LimeWire will make this available to the UMG artists.