The digital collectibles marketplace Limewire announced its first major music label partnership with Universal Music Group (UMG), to make music NFTs more accessible to a larger audience.
UMG will grant licenses for LimeWire to work with UMG artists to launch creative music-based NFT projects using the LimeWire marketplace as part of this alliance.
Artists signed to UMG can now use LimeWire to distribute audio recordings, audiovisual content, backstage footage, any artwork and photos as NFTs on the LimeWire marketplace to fans and collectors.
Taylor Swift, Kendrick Lamar, The Rolling Stones, U2, BTS, Chris Stapleton, The Weeknd, Abba, and Elton John are among the huge acts on the Universal Music Group portfolio.
The collaboration does not guarantee that any of these artists will release NFTs on LimeWire, but they will have the option to do so.
In March, Limewire announced its revival as an NFT marketplace on the Algorand blockchain primarily focused on music related digital collectibles. Last month, LimeWire raised $10.4M in a private sale of its LMWR token led by large VC firms like Crypto.com Capital, Red Beard Ventures, FiveT, 720Mau5, etc.
Paul and Julian Zehetmayr, LimeWire Co-CEOs, stated “We’re thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t wait to see the first creative projects being launched on the marketplace.”
Jonathan Dworkin, EVP, Digital Business Development & Strategy at UMG, noted “Now, NFTs are providing an exciting vehicle to enhance this connection between artists and audiences. This is why we are delighted to have partnered with LimeWire, who is focused on guiding everyday users into this expansive arena, in this new era of Web3 engagement and music appreciation.”
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