LimeWire, the former peer-to-peer file sharing platform, is returning as an NFT marketplace.
According to Bloomberg, Austrian brothers Paul and Julian Zehetmayr have purchased the rights to the rights to LimeWire, with the intent of turning it into a marketplace for music-related nonfungible tokens.
LimeWire GmbH is expected to launch in May offering NFTs of songs, merchandise, artwork, and experiences like backstage content. In a bid to expand its appeal to a mass audience, Bloomberg says LimeWire will be denominated in U.S. dollars, accept payments in both crypto and fiat, and offer Bitcoin and Ether wallets through a partnership with Wyre Inc.
LimeWire is but the latest music-related NFT marketplace to emerge as of late — though, unlike the ill-fated HitPiece, LimeWire does have some backing from the music industry. Already 10 “really big mainstream” artists have signed up to be part of LimeWire, according to Julian Zehetmayr. Meanwhile, the management teams behind H.E.R. and the Wu-Tang Clan are part of the company’s board of advisors.
And while the original LimeWire was synonymous with pirated music, this go-around the Zehetmayr brothers are placing an emphasis on legality. They’ve instituted stringent anti-money laundering checks, and hired Ernst & Young to vet all of the company’s proposed activities, according to Bloomberg.