• Universal lets its stars sell NFTs on LimeWire
• As the world’s largest record company, Universal could have a major impact on the market
• The Stars can sell videos, songs, photos and other artistic content
After the former P2P website LimeWire had to close down due to a legal dispute more than ten years ago, the company is now stepping back into the limelight with a different offer: A few weeks ago it was announced that in May 2022 a LimeWire marketplace for digital collectibles in the field of art and entertainment is started. The stars of Universal Music Group (UMG), which also includes Taylor Swift, U2 and Coldplay, are said to be selling creative NFTs there. Both companies announced this in a press release in mid-May.
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LimeWire CEOs “can’t wait” for the release of the first projects
“World famous UMG artists as well as many of the iconic record labels including Interscope Records, Republic Records, Def Jam Recordings, Capitol Records, Motown Records, Geffen, EMI, Virgin Music and others will be able to use the LimeWire marketplace as an additional platform to […] explore unique ways to engage with fans and create new revenue streams for artists in the post-pandemic era,” according to the LimeWire press release. “Together, we will focus on quality content, ease of use, and accessibility for everyone by creating unique NFT -Provide projects for artists and fans in a safe environment.”
According to Statista, UMG is the largest record company in the world with a market share of 32 percent, followed by Sony Music Entertainment and Warner Music Group, each with 21.7 percent. UMG is thus setting the tone in the market and could persuade other record companies to also sell music NFTs. LimeWire CEOs Paul and Julian Zehetmayr are quoted in the UMG press release as saying: “We can’t wait for the first creative projects to start [unserem] marketplace will be published.”
Copyrights don’t seem to be a problem
Universal lists the following content as possible formats for upcoming music NFTs: audio recordings, videos, backstage footage, bonus tracks, exclusive material and “any artistic content”.
The question of copyrights does not seem to be a problem – neither UMG nor LimeWire mention any difficulties that still need to be solved before the platform can be launched. Last year, star director Quentin Tarantino was sued by his film studio when he tried to sell special “pulp fiction” NFTs.
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