Recording giant Universal Music Group will release NFT on LimeWire

Universal Music Group (UMG) behind Taylor Swift, U2, Kendrick Lamar and BTS has officially joined LimeWire to permit artists to publish NFTs.

Digital music sharing providers are building a comeback in the kind of Web3. A handful of days just after Algorand’s acquisition of Napster, LimeWire confirmed these days that it has signed a deal with the music label Universal Music Group.

UMG Executive Vice President of Strategy pointed out that NFT is a excellent way for recording artists to interact with supporters. NFT serves as evidence of the title of a digital item, representing assets this kind of as will work of artwork, music files, collectibles, and so forth.

This agreement will permit worldwide artists underneath contract with Universal Music Group to release encrypted digital collections through LimeWire in the close to potential.

UMG was founded in 1934, acknowledged for managing a lot of A-listing artists this kind of as Taylor Swift, Kendrick Lamar, The Rolling Stones, U2, BTS, Chris Stapleton, The Weeknd, Abba, Elton John … along with a lot of with scattered branches globally In 60 nations about the planet, UMG grossed $ eight.82 billion in 2020. MUG’s publishing division has efficiently launched somewhere around three million songs.

LimeWire, which started off out as a peer-to-peer (P2P) music sharing platform in the early 2000s, will be relaunched as an NFT exchange, at first focusing solely on publishing material associated to music, artwork and musician collections.

LimeWire will go dwell this May underneath the leadership of two contractors CEOs Paul and Julian Zehetmayr. Share with decipher, The brothers acquired the LimeWire brand final yr since they value the electrical power, power and significance of the platform for an complete generation of listeners. Instead of enabling customers to freely share songs like the unique, LimeWire will provide a full new taking part in area for artists and supporters by the release of NFT.

LimeWire chooses to employ the platform on the Algorand blockchain. This is a blockchain network that utilizes the Proof-of-Stake consensus mechanism, which positions itself as a rival to Ethereum and aims to turn out to be the primary platform for NFT and decentralized applications.

In April, LimeWire efficiently raised $ ten.four million in a token sale led by Kraken Ventures, Arrington Capital and GSR. There is also the participation of Crypto.com Capital and the 720Mau5 fund of the musician Deadmau5. The venture also programs to release tokens by the finish of the yr.

This is not Universal’s very first foray into the Web3 room. In November final yr, UMG’s 22:22 label debuted Kingship, a Gorillaz-inspired virtual actuality band based mostly on an NFT series from Bored Ape Yacht Club. The band will complete in the metaverse and promote their NFT.

Meanwhile, rival Warner Music Group signed a cooperation deal with the metaverse game The Sandbox in January. This is the unit that runs artists like Lizzo and Ed Sheeran, who will jointly produce the terrain in The Sandbox and hold thrilling concerts in room.

Music NFTs are viewed as one particular of the following huge trends, viewed by some advocates in the belief that musical properties will make a huge distinction to the mainstream music marketplace, underneath the electrical power of the blockchain.

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