LimeWire, the new NFTs marketplace that sprung from the discontinued popular music app of the early 2000s, has scored a huge deal with Universal Music Group (UMG).
The partnership with UMG, a world leader in the booming music and entertainment sector, adds to LimeWire’s steady return into the limelight.
Per a press announcement released on Tuesday, the deal with Universal Music allows the firm to offer its digital collectibles marketplace to several iconic record labels and revered artists.
UMG to license artists to LimeWire’s NFT marketplace
Labels that could tap into the LimeWire 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, LimeWire co-CEOs, commenting on the collaboration, said that the partnership was a “true demonstration of the pace at which the music industry is embracing Web3.”
“We’re thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t wait to see the first creative projects being launched on the marketplace,” they added.
Important milestone reached! We’re thrilled 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 allow for access to the licenses the marketplace needs to partner with artists signed up with UMG, with the collaboration translating to original music-based NFT projects.
The NFT space continues to grow as mainstream players, including governments, embrace the technology that allows for the creation and securing of digital items on the blockchain.
Monetization opportunities mean the industry is a perfect fit for artists and others looking to revamp their revenue streams. LimeWire will provide that to the UMG artists.