LimeWire, the new NFT marketplace that emerged from the discontinued popular music app of the early 2000s, has scored a huge deal with Universal Music Group (UMG).
The partnership with UMG, a global leader in the thriving music and entertainment industry, contributes to LimeWire’s steady return to the limelight.
According to a press release released Tuesday, the deal with Universal Music will allow the company to offer its digital collectibles market to several iconic record labels and respected artists.
UMG Licenses Artists to LimeWire’s NFT Marketplace
Labels that can leverage the LimeWire NFT market to increase fan engagement through 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-CEOs of LimeWire, commented on the partnership, saying the partnership was a “true demonstration of the pace at which the music industry is embracing Web3.”
“We are excited to open the LimeWire NFT ecosystem to artists and fans of Universal Music Group and can’t wait to see the first creative projects launch into the market,” she added.
Important milestone reached! We are excited to announce our partnership with Universal Music Group @UMGopening music NFT opportunities for all artists affiliated with Universal and UMG labels.
Read more here 👉 https://t.co/VHolELPC1e pic.twitter.com/JfE3IfMEQ0
— LimeWire (@limewire) May 17, 2022
Going forward, the partnership will provide access to the licenses the marketplace needs to collaborate with artists signed up to UMG, translating the collaboration into original music-based NFT projects.
The NFT space continues to grow as mainstream players, including governments, embrace the technology that allows digital assets to be created and secured on the blockchain.
Monetization opportunities mean the industry is a perfect fit for artists and others looking to renew their revenue streams. LimeWire will provide that to the UMG artists.