Former online music platform turned NFT marketplace, LimeWire, has received a boost for its impending launch by agreeing a content licensing deal with Universal Music Group (UMG).
The partnership sees LimeWire and UMG partner in their shared vision for “mainstream companies to pivot in order to extend their reach and complement their business models”.
Artists of UMG and its labels will be able to share audio recordings, audiovisual content, backstage footage as well as other artworks as NFT projects on the LimeWire marketplace.
Holger Christoph, Senior Vice-President Central Europe at UMG, commented: “UMG and our labels are fully embracing the exciting Web3 space and will work with our new partner LimeWire, our artists, and their communities on engaging NFT projects which are focusing on real utility and creating cool experiences for fans, while allowing mainstream consumers to participate in a safe and trusted environment with low entry barriers.”
LimeWire is also looking to expand on regular NFT artworks through the partnership with UMG, for artists to release bonus tracks, exclusive material, uncut demos for fans to experience in this Web3 space.
The partnership comes off the heels of LimeWire recently announcing the sale of its LMWR token for $10 million, accelerating the launch date for the NFT marketplace to go live.
LimeWire’s naming rights were bought by Austrian brothers Paul and Julian Zehetmayr earlier this year. After shutting down its services as an online music platform in 2010, the Zehetmayr brothers believed in the platform’s potential to become a modern digital collectible platform whilst keeping true to its music routes.
Commenting on the partnership with UMG, Paul and Julian Zehetmayr, Co-CEOs at LimeWire, stated: “We see this partnership as 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.”
