LimeWire, the new NFT marketplace that grew out of the discontinued popular music app from the early 2000s, has reached a huge deal with Universal Music Group (UMG).
The partnership with UMG, a global leader in the booming music and entertainment industry, adds to LimeWire’s steady return to the spotlight.
According to a published press announcement on Tuesday, the deal with Universal Music allows the company to offer its digital collectibles market to several iconic record labels and revered artists.
UMG licenses artists to LimeWire’s NFT marketplace
Labels that could leverage the LimeWire NFT market to increase fan engagement via digital music NFTs and a Web3 experience include Interscope Records, Virgin Music, Republic Records, Def Jam Recordings, EMI, Capitol Records and Motown Records.
Paul and Julian Zehetmayr, co-CEO of LimeWire, commenting on the collaboration, said that the partnership was “a real demonstration of the pace at which the music industry is adopting Web3”.
« We are delighted to open the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t wait to see the first creative projects launched on the market “, they added.
Important milestone reached! We’re thrilled to announce our partnership with Universal Music Group @UMG, opening up opportunities for music NFTs to all artists signed to Universal and UMG labels.
— LimeWire (@limewire) May 17, 2022
In the future, the partnership will provide access to the licenses the market needs to partner with artists registered with UMG, with the collaboration resulting in original music-based NFT projects.
The NFT space continues to grow as major players, including governments, adopt the technology that allows the creation and security of digital elements on the blockchain.
Monetization opportunities mean the industry is a great fit for artists and others looking to revamp their revenue streams. LimeWire will provide this to UMG artists.