Monday, December 5, 2022

Universal Music Group Will Release NFT On Algorand Marketplace

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Universal Music Group will release an NFT on the Algorand marketplace LimeWire so let’s have a closer look at today’s latest blockchain news.

The major music label that stands behind Kendric Lamar, Taylor Swift, BTS, and U2 will allow artists to drop NFTs on the Web3 version of LimeWire. Universal Music Group also made a deal to allow its artists to release NFTs via the upcoming LimeWire music platform on the Algorand marketplace. Digital music sharing services are coming back in a Web3 form and a few days after breaking the news that Napster will return in an NFT form on Algorand, LimeWire also announced its own Algorand-based marketplace and signed a major label recently to its platform.

The global deal will allow artists signed to Universal Music Group and various imprint labels to release tokenized digital collectibles in the LimeWire marketplace. The imprints include the likes of Interscope Records, Motown Records, Dej Jam Records, Geffen, Republic Records, Virgin Music, and EMI. The Universal Music Group lineup also includes artists like Kendric Lamar, Taylor Swift, the Rolling Stones, Chris Stapleton, BTC, U2, Abba, Elton John, the Weekend, and more. Today’s deal doesn’t mean that any of the artists will release an NFT via LimeWire but they will have the chance to do so.

LimeWire will relaunch the NFT marketplace which was focused on music-related assets whether that’s actual music or things like artwork and collectibles. The serial tech entrepreneurs Paul and Julian Zehetmayr acquired the music-sharing service last year and announced their Web3 plans back in March. Limewire revealed that it raised $10.4 million in a token sale led b Kraken Ventures, GSR, Arrington Capital, and participation from other companies like Crypto.com Capital and 720Mau5 Fund. According to the token sale announcement, LimeWire plans to start its official launch campaign later this month and launch the marketplace right after. An NFT acts like a proof of ownership to a digital item and can also represent goods like music files, collectibles, digital artwork, and more.

limewire, nft marketplace, file sharing, users

Algorand is a PoS blockchain that is billed as a rival to Ethereum as the leading platform for NFTs and decentralzied apps. Algorand and Web3 investment firm Hivemind also announced acquiring Napster, another music service brand with plans to launch a web3 music platform. This is not Universal’s first foray into Web3. it also announced a Gorillaz-inspired virtual band based on a series of Bored Ape Yacht Club NFTs. In the meantime, rival Warner Music Group also signed a partnership with The Sandbox.

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