A couple of serial entrepreneurs in Austria has purchased the rights to obsolete music portal – LimeWire with strategies to revamp its image for the internet’s next generation by retailing nonfungible tokens attached to music, artworks, and content.
LimeWire to revamp into NFT marketplace
LimeWire, one of the earliest reiterations of web-based music streaming with a status as a haven for illegal downloads, concluded in a controversy in 2010 after a judge locked the business over persuading copyright transgression. The platform then faced a USD 105 million out-of-court settlement between principal record firms and LiveWire’s former CEO, Mark Gorton.
At present, brothers Julian and Paul Zehetmayr strive to utilise LimeWire’s early-2000s fame to entice utilisers to their cryptocurrency portal. The brothers are disbursing most of last year to take over several parts of LimeWire’s branding quickly. Debuting in May with no association to LimeWire’s innovative team, the new firm, LimeWire GmbH, will deliver musicians a chance to generate more revenue from their music than they might on other platforms like Apple Music or Spotify.
In an interview, Julian indicated that LimeWire was a very iconic name. Julian highlighted that Twitter still showcases hundreds of people who still nostalgically tweet about the brand. Julian, who will act as co-CEO alongside Paul, stated that everybody connected the brand with music. The brothers were initially releasing a very music-centric marketplace, so the brand was suitable for that with its heritage.
LimeWire will debut with assistance for purchasing and trading music-centric nonfungible tokens, like merchandise, exclusive songs, backstage content experience, and graphical artworks. The start-up will also reveal its utility token through a private sale within the coming three weeks, which Paul stated would be utilised like an allegiance driver.
Unlike most other NFT marketplaces that execute transactions chiefly in cryptocurrencies, all assets on LimeWire will be designated in US dollars to extend its marketability to mass audiences. Payments will be accepted in fiat currency or cryptocurrency. The portal will also deliver Ether and Bitcoin wallets and supervisory services for the tokens themselves, augmented via a collaboration with blockchain payments company Wyre Inc.
Julian stated that approximately ten massive mainstream artists have accepted to be a part of LimeWire’s offering until now. In addition, members of the management teams behind award-winning artists Wu-Tang Clan and H.E.R will join the start-up’s board as advisers, alongside Wyre CEO Ioannis Giannaros and NFT consultancy 6 Agency enabled the purchase of a rare Wu-Tang Clan album from the American government for PleasrDAO in 2021.
The take over of LimeWire’s assets and all prevailing business activities are being funded out of the pockets of the two brothers, having exited two of their start-ups in recent years. Although Paul stated that this has allowed LimeWire to possess a solid runway for the near future, Julian noted that the firm might seek outside financing later this year.
LimeWire’s transformation as an NFT marketplace depicts an exciting juxtaposition – its new founders are taking a brand known best for its role in pirated music and familiarising it into an industry still seeking to get rid of selling scams and overpriced image files. However, the Zehetmayrs are nonchalant, stating that the pros most definitely overshadow any controversy.
Paul stated that after around 12 years of the portal being down, the past controversy with the music industry has transformed into nostalgia.
To abstain from any further legal complications devoted to the LimeWire brand, imminent cryptocurrency asset regulation in Europe or even players attempting to utilise the portal, the brothers stated that they had incorporated strict anti-money laundering reviews and hired the accountancy mogul, EY, to perform its operations systematically. Furthermore, Julian noted that most of the revenue would also go to the artists, with the portal taking a small remuneration for its curation.