On the 17th of this month, LimeWire confirmed that it would be collaborating with Universal Music Group (UMG) for the sales and exhibition of its music collectibles. UMG is a leading record label for music and entertainment. Artists working with the Universal Music Group will now be able to sell and auction their music as NFTs.
LimeWire will also support the sales of artworks and other non-music collectibles belonging to artists affiliated with UMG. This will give the celebrities a new revenue stream.
Musicians can attach exclusive rights to owners of their NFTs. Exclusive rights like meet-and-greet access, a monthly subscription, or the release of albums to NFT holders first before going public make NFTs more valuable.
About four days ago, LimeWire confirmed that its upcoming NFT marketplace would be launched on the Algorand blockchain. The Algorand blockchain is carbon-negative, and this syncs well with organizations building on the blockchain with the future in mind. Although LimeWire announced that it would be launching its token later this year, Algo’s native token will be supported on the marketplace.
LimeWire x UMG – A Great Partnership
Commenting on the recent partnership with the entertainment giant, the CEO of LimeWire said: “We see this partnership as a true demonstration of the pace at which the music industry is embracing Web3, and we are 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.”
LimeWire will now leverage the benefits of blockchain and web3 to give fans a great user experience on the platform. Payments and subscriptions on LiveWire’s marketplace will be made easy as the company looks to offer multiple payment options, including credit cards and crypto.
UMG will also use its expertise in the music industry to make the collaboration a success. UMG has been immersed in the entertainment industry for many years, featuring recorded music, audiovisual content, and merchandising.
