Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Under new ownership, LimeWire intends to relaunch as an NFT marketplace where users can trade content, including music and artworks.
Discontinued software peer-to-peer file sharing platform LimeWire is reportedly relaunching as a non-fungible token (NFT) marketplace. With no affiliation to the original LimeWire team, the new initiative, dubbed LimeWire GmbH, will launch in May this year.
Two Austrian brothers and serial entrepreneurs recently bought the rights to LimeWire and plan to reestablish it as a hub for digital assets. Some of the content expected includes artworks, and most especially music. According to Julian and Paul Zehetmayr, LimeWire users will soon be able to trade rare items. Users will have access to limited edition items, unreleased demos, and digital merchandise.
The duo explained that they have been planning to reinstitute LimeWire for a while. A decade after the initial shut down, the Zehetmayr brothers now expect musicians on the rebranded platform to accrue more revenue than those on Spotify, Apple Music, and other platforms.
LimeWire Channeling Name Brand Popularity to New NFT Initiative
Hoping to leverage its early 2000s popularity to attract new users, ‘LimeWire 2.0’ also wants to take advantage of the NFT craze. Weighing in on the development in a media session, Julian, who will also act as co-CEO alongside his brother Paul, said:
“It’s a very iconic name. Even if you look on Twitter today, there’s hundreds of people still being nostalgic about the name. Everybody connects it with music and we’re launching initially a very music-focused marketplace, so the brand was really the perfect fit for that with its legacy.”
Touching on the NFT space, Julian also asserted:
“The issue with the NFT market is that most platforms are decentralized, if you look at bitcoin, all the exchanges are making it really easy to buy, trade and sell bitcoin. There’s no one really doing the same in the NFT space.”
LimeWire GmbH also looks to create a buzz within the digital assets space with its advisory board. This includes the manager of rap group Wu-Tang Clan, Tareef Michael.
Furthermore, the relaunched version of LimeWire also intends to list prices in US dollars rather than crypto. Although this deviates from the norm, the new LimeWire team deems it necessary to expand expanding marketability to mass audiences. In addition, users will be able to procure tokens using credit cards and have Bitcoin (BTC) and Ethereum (ETH) wallets for the tokens themselves. According to reports, payment startup Wyre Inc will handle the initiative’s payment functionality.
LimeWire GmbH Funding
The resuscitation of LimeWire came via funds generated primarily by the Zehetmayrs through the sale of their previous ventures. For example, their software firm Apilayer sold last year to American holding company Idera.
Presently, the Zehetmayr brothers intend to raise additional capital by launching a LimeWire token. This will initially be available to select investors before a public sale down the road.