Universal Music Group strikes deal with LimeWire to launch NFTs

Digital music sharing service Universal Music Group (UMG) inked an agreement with LimeWire for license to launch NFTs on LimeWire’s Algorand Marketplace. 

UMG artists can offer audio recordings, audiovisual content, backstage footage and any form of artwork as NFTs to sell directly to fans on Algorand Marketplace. ‘Musicians can release bonus tracks and exclusive material, sell uncut or backstage content, and much more.’ according to a media statement by LimeWire. 

UMG’s artists and iconic record labels include the likes of ‘Interscope Records, Republic Records, Def Jam Recordings, Capitol Records, Motown Records, Geffen, EMI, Virgin Music and more will be able to leverage the LimeWire marketplace as an additional platform to explore unique ways to engage with fans through digital music collectibles and Web3, and generate new revenue streams.’

Under contracts with UMG include big names such as Taylor Swift, Kendrick Lamar, Elton John, The Rolling Stones. 

The aim is to make digital music collectibles accessible to a larger audience. 

‘Universal Music Group and our labels are fully embracing the exciting Web3 space and will work with our new partner LimeWire, our artists and their communities on engaging NFT projects with real utility and creating cool experiences for fans, while allowing mainstream consumers to participate in a safe and trusted environment with low entry barriers,’ said UMC vice president of Digital Business, Central Europe, Holger Christoph. 

In March, LimeWire announced that it is relaunching as a ‘mainstream-ready digital collectibles marketplace’ for art and entertainment’ with a music-centric focus. Entrepreneur Paul and Zehetmayr acquired LimeWire in 2021 and announced their Web3 plans in March 2022. They stated that LimeWire will return as a platform for artists and the platform will collaborate with creators to give back ownership and control of their content. 

This month, LimeWire revealed that it has raised USD$ 10.4 million in a private sale of its native token LMWR, led by large venture capital firms like Deadmau5's 720Mau5 venture fund, as well as DAO Jones.