LimeWire Is Returning as the Marketplace for Non-fungible Tokens.

    LimeWire was one of the most popular peer-to-peer file-sharing networks in the early 2000s before being sued out of existence for copyright infringement and going out of business. In May, the iconic name in peer-to-peer file sharing, which died in 2011, will resurface with new owners and an emphasis on the recent rage topic- NFTs.

    The company best known for illegally downloading and sharing music and video will now focus on those media types as part of an NFT marketplace “without the technical impediments that now exist in the NFT landscape.”

    How the makeover will take place:

    LimeWire is said to be resurrected thanks to serial entrepreneurs Paul and Julian Zehetmayr, co-founders of Stack Holdings, a b2b software company.

    The new LimeWire is positioned as a service for onboarding “NFT beginners” who want to engage in the highly speculative market but don’t have a strong understanding of crypto markets. The site will showcase art and entertainment treasures, with an initial concentration on music before expanding into the film sector in the fourth quarter.

    “LimeWire will not be an alternative to streaming services, but rather an additional avenue for artists to sell exclusive music and art directly to collectors and communicate with their most dedicated community of fans,” says LimeWire Co-CEO Julian Zehetmayr.

    The USP of LimeWire NFT platform:

    Talking about the difficulties that may arise in the future, Paul Zehetmayr stated that the biggest challenge for the platform will be the limited number of users available in the NFT and Crypto markets. He commented that “If you are an average music fan on the internet, you might not own any cryptocurrency or have access to a crypto wallet, let alone understand the mechanics of collectibles on the blockchain. We want to remove all those obstacles and make it easy for people to participate, while at the same time offering an exciting platform for crypto natives.”

    LimeWire believes it will overcome this by providing more standard payment methods that do not necessitate the use of a cryptocurrency wallet. Through cooperation with payment provider Wyre, users will be able to purchase NFTs and other digital items using credit cards, bank transfers, and other standard methods.

    To make it easier for newcomers to get into NFTs, all assets on LimeWire’s platform will be denominated in US Dollars, with payments accepted in both cryptocurrency and fiat currencies. The company also intends to introduce an in-house digital token called LMWR, which will have a total supply of one billion tokens. In April, it will have a private sale before going public in the fourth quarter.

    After the launch, a queue for early access will be available – the first 10,000 people to sign up will receive a unique airdrop. LimeWire expects to reach one million users in its first year, and artists will receive 90% of sales revenue after LimeWire takes its part.

    What to expect from the platform.

    The company claims to be collaborating with “top-tier artists” to provide exclusive material while developing its community tools to link artists directly to “their most committed set of followers and purchasers.”

    LimeWire’s executive staff includes several crypto veterans, the majority of whom formerly worked for European cryptocurrency exchange Bitpanda, which is financed by Peter Thiel.

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