LimeWire's new owners intend to "make things right" with the NFT marketplace and intend to give music artists control over their work.
Limewire, a famous peer-to-peer file-sharing site from the 2000s that closed down in 2010, is making a comeback under new ownership with a virtual collectible marketplace.
The platform unveiled its goals to create a nonfungible token marketplace focusing on the art and music sectors in an official statement on Wednesday. The NFT marketplace is set to begin in May, followed by an official NFT with a token incentive scheme afterwards.
The marketplace will be completely regulated, and it will debut with significant music world artist collaborations. LimeWire has also teamed up with Algorand to make minting more cost-effective and power-efficient.
The company's rights were purchased by brothers Paul and Julian Zehetmayr to restore the name in the Web3 period. Considering LimeWire's history with the music world (it was mainly used to download stolen music), the brand's new phase will be aimed at assisting artists and the music world.
The CEO brothers discussed the platform's turbulent history, stating that it was one of the driving factors behind their decision to restore the brand and assist real artists and their work.
Limewire's turbulent past has prompted multiple lawsuits from record labels, and in May 2011, the platform's founder, Mark Gorton, decided to pay $105 million as a fine to music labels for copyright violation.
Julian said, “LimeWire is returning as a platform for artists, not against them. On LimeWire, the majority of the revenue will go directly to the artist, and we will be working with creators to allow full flexibility, ownership and control when it comes to their content.”
The reintroduction, as per the company's CEOs, is centered on setting things properly and creating a virtual collectible marketplace for the music world.