LimeWire, former file-sharing site, to relaunch as NFT marketplace
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LimeWire, the file sharing website is back in the form a marketplace to trade non-fungible tokens.
LimeWire
LimeWire (the defunct file sharing website) is poised to make a comeback.
It was a controversial choice shut downAfter a long legal battle against the Recording Industry Association of America, over claims of music piracy, it was finally settled in 2010. Federal Judge found that the platform had caused copyright infringement on “a massive scale.”
LimeWire, which allowed users to free download music online, was one of the most important peer-to-peer file sharing websites. Subscription-based streaming platforms such as Spotify, Napster and LimeWire eventually replaced the likes of Napster, BitTorrent, and LimeWire. Spotify Netflix.
More than a decade since it closed down, LimeWire is making a comeback — but with a twist.
This service, which is a market for nonfungible tokens (or NFTs), digital assets, will be relaunched in May. It allows users to trade these virtual assets and keeps a record about who owns them.
LimeWire was purchased by Paul Zehetmayr and Julian Zehetmayr, brothers from Austria. The brothers claim that they have been planning to return the platform since then.
LimeWire’s new site will be centered on music and allow users to trade and buy rare items like limited editions, demos, and digital merchandise.
It will display prices in U.S. Dollars, not crypto. Users will also be able purchase tokens with credit cards. Wyre, a start-up that developed the payment function of this platform has collaborated with it.
In order to draw users, the company will try to be more approachable with NFTs and have an advisory panel that includes Taref, Taref’s manager from Wu-Tang Clan.
Julian Zehetmayr, CNBC’s chief technology analyst said that the problem with NFT markets is that many platforms are not centrally managed. All the bitcoin exchanges make it easy to trade, buy and sell bitcoins. In the NFT space, there is no other place that does the same.
“We’ve clearly got this great brand that everybody is nostalgic about,” he said. We felt we had to create a mainstream experience for our users.”
LimeWire’s rebirth has so far been funded by money raised by the Zehetmayrs through their sale of other ventures. Apilayer was their software company. bought by American holding company IderaThis was last year.
They plan to raise more capital by launching a LimeWire token. This will be initially sold to select investors before being made available for public sale. Holders of the token can vote for changes in LimeWire policies and which artists appear on its music charts.
According to the Zehetmayrs, they are also looking into a venture capital funding round for later in this year.
The ‘Wild West’: How to use it
NFTs saw a huge rise in popularity in 2021 with the trading of tokens reaching billions. The market is attracting celebrities as well as crypto enthusiasts. The Bored Ape Yacht Club, a range of popular digital collectibles made from the tokens, even appeared on Jimmy Fallon’s Tonight Show Starring Jimmy Fallon.
NFTs, according to their supporters, solve one of the key issues with the internet today: unfettered media distribution and decreased compensation for creators and artists.
Some criticize NFTs’ speculative nature. Many are bought in hopes of selling at higher prices and exposing scams.
Julian stated that there were “lots of similarities” between LimeWire today and LimeWire back in the past. He added, “kinda wild west.”
We’re working to become a mature platform that can professionalize all aspects of our business, as well as being more organized. CoinbaseHe said that he could not think of any other options for crypto assets.
LimeWire doesn’t represent the first file-sharing network to be decentralized and turn its attention to the cryptocurrency world. BitTorrent is a rival company acquiredBy Justin Sun, crypto-entrepreneur and founder of Tron in 2018,
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