Remember LimeWire? Closed file sharing service returned from NFT

PHOTO FILE: musical notes visible on the notes in this photo illustration April 4, 2018 REUTERS / Thomas White / Illustration

March 9, 2022

Supanta Mukherjee and Elizabeth Hawcraft

STOCKHOLM / LONDON (Reuters) – The LimeWire file sharing service, shut down in 2011 by the music industry, is returning to the digital arts and entertainment market, initially focusing on music.

Launched in 2000, LimeWire has become the world’s largest outlet for people to share music, movies and TV shows over the Internet for free, attracting 50 million monthly users at the peak of popularity.

Accusing piracy as one of the main reasons for declining music sales, record companies sued LimeWire in 2006, forcing it to close five years later. But now LimeWire plans to move to the last step of the Internet: NFT.

An irreplaceable token (NFT) is a crypto asset that uses a blockchain to record who owns a digital file, such as an image or video.

Although NFTs will allow artists and musicians to have more control over digital copies of their work – to eliminate the damage caused by illegal broadcasting – the emerging market is full of fraud, fraud and market manipulation.

It was a challenging process for a new team led by co-CEOs Paul Zechetmeier and Julian Zechetmeier – to own LimeWire intellectual property after 12 years of inactivity.

LimeWire has said it will collaborate with the music industry and artists who can sell pre-release music, unreleased demos, graphics, exclusive live versions, as well as digital merchandise and behind-the-scenes content.

The new LimeWire team, distributed in Austria, Germany and the UK, plans to launch a service in May that will allow music lovers and collectors to buy and trade a variety of musical assets.

“We want to open the gates for small, medium and large artists with great moderation and curation,” Zechetmeier said.

He plans to give up to 90% of the profits to artists and plans to connect a million users within the first year.

“LimeWire seems to have laid the groundwork for streaming music… it’s part of the Internet heritage, and we’re grateful to be able to turn it into something for the music industry,” Zechetmeier said.

(Report by Supanta Mukherjee in Stockholm and Elizabeth Hawcraft in London; edited by Uttaresh.V)

Remember LimeWire? Closed file sharing service returned from NFT

Source link Remember LimeWire? Closed file sharing service returned from NFT

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