Multinational music company Universal Music Group (AS) (IMG), has entered into a partnership that will enable its artists to publish their music on the market as non-fungible tokens.

UMG Partners in LimeWire

LimeWire, which was founded in March as a file-sharing website, was relaunched this March to become a digital marketplace for collectibles. Now the reimagined company has partnered with Universal Music Group, marking LimeWire’s first major-label partnership.

LimeWire has agreed to license artists from the UMG label to enable them to start music-based NFT projects via the LimeWire marketplace.

UMG Artists have more NFT use cases

According to the Co-CEOs of LimeWire, Paul and Julian Zehetmayr, “the partnership is a true demonstration of the pace at which the music industry is embracing Web 3.0.”

UMG artists now have the ability to use LimeWire to post audio recordings and audiovisual content backstage, as well as artwork and images, NFTs, on LimeWire to directly sell to collectors and fans.

The deal marks UMG’s latest Web 3.0-related move, and follows the launch of last week’s virtual world and NFT collection for virtual band ‘KINGSHIP‘, which signed to Universal’s Web 3.0 label ’10:22PM’.

Flipside

• Many non-fungible tokens have suffered heavy devaluation due to the crypto market crash.

What You Need to Care About

It is a clear sign of NFTs increasing popularity and of a shifting focus from digital art to music and media.

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