Former peer-to-peer file-sharing company LimeWire will relaunch in May as a specialist in NFTs, the company announced on Wednesday. The brand will dive into the marketplace for the digital collectibles with a focus on music, entertainment content and art, according to a press release. An NFT is due to drop later this year with a special reward system.
LimeWire first landed on the scene in 2000, enabling people to share music, movies and other content online for free, and it boasted tens of millions of monthly users. After facing mounting pressure and litigation from the music and film industries over piracy claims, the company shuttered in 2011. But now it's 2022.
Brothers Paul and Julian Zehetmayr bought the rights to the company with plans to roll out the platform in a way that connects artists and fans. This version of LimeWire isn't affiliated with anyone from the original company, but the pair hope to capitalize on the brand's name.
Rather than jump into the music streaming game, the company is aiming to go big in the. It's a zone where people can buy and sell digital things like or hop on the train. One can spend or make anywhere from a few thousand to millions of dollars. Typically, people buy NFTs with cryptocurrency, but LimeWire wants to make it easier for customers by offering multiple payment options -- including crypto and credit cards. It's partnered with Wyre to facilitate payments.
According to the media release, "fans and collectors will be able to buy and trade a variety of music-related assets, such as limited editions, pre-release music, unreleased demos, graphical artwork, exclusive live versions, as well as digital merchandise and backstage content." LimeWire has a number of mainstream artists on deck to participate, and its board includes members from the management teams for H.E.R. and Wu-Tang Clan.
Currently, LimeWire has a waitlist that you can sign up for if you're interested in its May launch. The token system will act as a "loyalty reward program" of sorts for token holders. Artists and other creators can also register for the waitlist to receive early access to LimeWire's marketplace.