Remember LimeWire? Shuttered file-sharing service is back with NFTs

On April 4, 2018, you can see the musical notes in the score of this illustrated photo.Reuters / Thomas White / Illustration

STOCKHOLM / LONDON, March 9 (Reuters)-LimeWire, a file-sharing service that was shut down in 2011 after being attacked by the music industry, is back as a digital collection market for music-focused art and entertainment. is doing.

Launched in 2000, LimeWire has become the world’s largest outlet for people to share music, movies and TV shows for free over the Internet, attracting 50 million monthly users with peak popularity. ..

The record company sued LimeWire in 2006 and was forced to shut down five years later, blaming piracy as one of the main reasons for the decline in music sales. But now LimeWire is on the rise of the latest Internet trends: NFT.

Non-fungible tokens (NFTs) are crypto assets that use the blockchain to record the owners of digital files such as images and videos.read more

NFTs give artists and musicians more control over digital copies of their work and repair the damage caused by illegal streaming, but the early markets are full of fraud, fraud and market manipulation.read more

For the new team, led by co-CEOs Paul Zehetmayr and Julian Zehetmayr, owning LimeWire’s intellectual property was a complex process after 12 years of inactivity.

LimeWire said it will partner with the music industry and artists to sell pre-release music, unreleased demos, graphic artwork, exclusive live versions, digital products and behind-the-scenes content.

The new LimeWire team, spanning Austria, Germany and the United Kingdom, will launch a service in May that will allow music fans and collectors to buy and trade a variety of music-related assets.

“We want to open the door for small, medium and large artists with a lot of moderation and curation,” Zehetmayr said.

We plan to provide artists with up to 90% of their revenue and involve 1 million users within the first year.

“LimeWire has laid the foundation for a kind of music streaming … it’s part of the legacy of the Internet and we’re grateful that we can turn it around for the music industry,” Zehetmayr said. ..

Report by Supantha Mukherjee in Stockholm and E Lizabeth Howcroft in London. Edited by Uttaresh.V

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