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LimeWire re-launches as NFT platform.

LimeWire, a platform through which music could be downloaded illegally, closed its doors in 2011 after court battles against it. After 11 years, it reopened as an NFT platform. The non-fungible token market is attracting new entrants, this time an old acquaintance from 11 years ago. LimeWire was formerly a P2P platform where you could illegally download music, which was shut down in 2011 after a court battle. Now it is back in the ring, but this time as an NFT platform, according to Chayanika Deka at Crypto Potato. The focus will initially be on music and related collectibles. Last year, Austrian brothers Julian and Paul Zehetmayr bought LimeWire's intellectual property and other assets.

The rebooted version will allow users to buy and trade limited editions, unreleased demos, digital products, among other rare items. Zehetmayrs fully funded the LimeWire restoration after selling previous ventures. The duo plans to raise additional capital by launching a LimeWire token (LMWR) as part of their roadmap. Initially, the tokens will be sold to a few selected strategic partners just ahead of a public sale at a later date. Token holders will be able to change LimeWire policies and choose artists to appear on their music playlists.

Under new leadership, LimeWire will debut in May of this year. Following the debut and public token sale, the platform aims to head towards its official launch in the film industry. Julian Zehetmayr stated that "The problem with the NFT market is that most platforms are decentralized. If you look at Bitcoin, all the exchanges facilitate the buying, trading, and selling of Bitcoin. There is no one doing the same thing in the NFT space. We have this great mainstream brand that everyone is nostalgic about. We thought we also needed to build a real, mainstream user experience."

Reviewing its history

Long before subscription streaming services like Spotify and Netflix, LimeWire and other popular P2P services were the only refuge for many people for almost a decade. LimeWire was founded in 2,000 but reached its heyday only after a couple of years. It benefited greatly from the demise of Napster due to multiple copyright infringement lawsuits. Even when LimeWire's predecessor was forced to shut down. The file-sharing site continued to operate for years. It wasn't until 2,006 that problems began to arise for the platform. It was forced to shut down after a New York court ruled in favor of record labels Arista Records and the RIAA (Recording Industry Association of America).

LimeWire said it would partner with the music industry and artists, who can sell pre-release music, unreleased demos, artwork, exclusive live versions, as well as digital merchandise and behind-the-scenes content. When we use LimeWire to buy an album or song, we will have to stream it through the platform, where all the other additional content will be. There will be no parallel channels like a Discord server or Telegram group; everything will be centered on the platform, including communication from an artist's fan community.

Negotiation of purchased content will also be possible within LimeWrite, including resale, if any. We can choose to resell things (such as an album cover) on other platforms, and we will have access to them even after reselling on LimeWire. We'll have more details on how this buy, sell and resell system works in May, but we can already put our information on the site's waiting list to get information first. We can also access an artist's content through traditional money, so you don't need to be a cryptocurrency expert to enjoy the track. The company's new team spread across Austria, Germany, and the UK plans to launch the service in May to allow music fans and collectors to buy and trade a variety of music-related assets. "We want to open the doors to small, medium, and large artists with a lot of moderation and curation," Zehetmayr said. It plans to give up to 90% of revenues to artists and is looking to onboard one million users within the first year.

"LimeWire laid the foundation for music's a part of the legacy of the Internet, and we're grateful to be able to turn it into something for the music industry," said Zehetmayr.

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