Google Trends has suggested that people are losing interest in non-fungible tokens (NFTS), yet that could be because they do not realise the possibilities, according to new research and one company, in particular, LimeWire.
The non-interchangeable units of data that are stored on a blockchain and form of a digital ledger to then be sold or traded have been popular for their record mind-blowing money-making auctions, especially in the art world, as The Freelance Informer previously reported.
However, if more corporations start to adopt blockchain we could see all digital files such as photos, legal documents, contracts, videos, and audio become NFTs. In some ways, NFTs will be used as a security measure for sensitive documents or traded as highly informative content. In others, it will be to monetise streaming services or channels for musicians and documentary makers.
One company that is building its NFT business is LimeWire, a file-sharing platform from the early 2000’s (largely facilitating illegal download of films and music), according to a Statista report. LimeWire announced this week that it will be returning as a “mainstream-ready, digital collectibles marketplace for art and entertainment, initially focusing on music.” The service is expected to go live in May.
The company aims to bring digital collectibles to the mainstream and onboard one million users within the first year through partnerships with major artists in the music industry.
“The biggest challenge with digital collectibles and the broader crypto market in general is that it’s really limited to a small group of savvy users,” said Paul Zehetmayr, LimeWire Co-CEO.
There are big players on the market already, but the entry barrier is still too big to allow for mainstream adoption. If you are an average music fan on the internet, you might not own any cryptocurrency or have access to a crypto wallet, let alone understand the mechanics of collectibles on the blockchain.
We want to remove all those obstacles and make it easy for people to participate, while at the same time offering an exciting platform for crypto natives.Paul Zehetmayr
Founder & Co-CEO
LimeWire is re-launching
LimeWire recently announced it is relaunching as a mainstream-ready digital collectibles marketplace for art and entertainment, initially focusing on music. It will be a one-stop marketplace for artists and fans alike to create, buy and trade digital collectibles without the technical hurdles of the current NFT landscape.
“In an increasingly difficult industry with streaming taking over and ownership taking a back seat, we are working to put artists and give them full flexibility and control when it comes to their content,” said Julian Zehetmayr, LimeWire Co-CEO.
“It’s important to note that we are not relaunching LimeWire as an alternative to streaming platforms, but rather as an additional channel for artists to sell exclusive music and art directly to collectors. We will also offer a unique method for artists to connect and engage with their most loyal community of fans.”
Who is LimeWire’s minting partner?
LimeWire has selected the Algorand blockchain to power the relaunch of its digital collectibles marketplace. As the first carbon-negative blockchain, Algorand claims it has become the network of choice for energy-efficient NFT marketplaces and the Web3 creator economy. The proof-of-stake blockchain has fast transaction speeds and cross-chain bridges to Ethereum and Polygon.
LimeWire also plans to launch a token later this year, which will provide exclusive community access, voting mechanisms, and a reward system for token holders.
What can you download on LimeWire?
Music fans and collectors will be able to buy and trade a variety of music-related assets, such as limited editions, pre-release music, unreleased demos, graphical artwork, exclusive live versions, as well as digital merchandise and backstage content.
Do you have to be an NFT expert to launch LimeWire?
LimeWire aims to make onboarding easy for NFT newbies, with a quick and easy signup, seamless KYC and items priced in US dollars.
There is no crypto wallet prerequisite, and users will be able to purchase collectibles directly via credit card, bank transfer and other fiat gateways thanks to a close partnership with payment platform Wyre. The marketplace itself is designed to have an intuitive, state-of-the-art user experience and a more natural and familiar feel to the average consumer.
Why should I sign up to the LimeWire waitlist?
Apart from early access to the platform, you’ll have a shot at receiving one of 10,000 exclusive airdrop NFTs released by LimeWire at the time of launch. The company will keep you posted on the public LMWR token sale.
Token holders will be able to access exclusive content, join the LimeWire community, vote for artists and curation on the marketplace, reduce fees and participate in a reward programme. The crypto community can join LimeWire on Discord and Telegram to participate and get announcements ahead of time.
How can I improve my LimeWire waitlist rank?
Once signed up, you’ll receive a referral link to share with your friends. Whenever someone uses your link to join the waitlist, your rank will improve. If you’re among the 10,000 best-ranked inviters, you’ll be part of our exclusive airdrop.
How many people can I refer on LimeWire?
There’s no limit to how many people can use your referral link. The more you can refer, the better your chances are to be among the top 10,000 inviters. In the waitlist section above you will see how many people you’ve referred.
🤔 Will you use LimeWire now that it has gone legit?
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