LimeWire, the defunct peer-to-peer music platform, will be reborn as a non-fungible token (NFT) marketplace after more than a decade in the digital wilderness.
After a legal struggle with the Recording Industry Association of America over charges of music piracy, the contentious site was shut down in 2010.
LimeWire, together with BitTorrent and Napster, opened the way for genuine subscription-based streaming services such as Spotify and Netflix.
The controversial file-sharing platform has been resurrected and will return in May as a marketplace for musicians and fans to purchase and sell music-themed NFTs.
Users will be able to buy and exchange rare and limited editions, unpublished demos, and merchandise using LimeWire 2.0. This may be done without a crypto wallet because, owing to a partnership with start-up payment platform Wyre, users will be able to pay with a credit card, a bank transfer, or other fiat gateways.
LimeWire is now under new administration.
After obtaining the LimeWire name and intellectual property last year, Austrian brothers Julian and Paul Zehetmayr are behind the relaunch.
“The problem with the NFT market is that most platforms are decentralized,” Julian Zehetmayr explained. “When it comes to bitcoin, all of the exchanges make it quite simple to buy, trade, and sell bitcoin.” In the NFT space, no one is doing anything similar.”
“We certainly have this amazing mainstream brand that everyone remembers,” he remarked. “We felt we needed to create a true mainstream user experience as well.”
In addition, the duo will try to generate more funds by establishing a LimeWire coin, which will grant access to special community content as well as community voting. The business has already started a waitlist for consumers who wish to participate in the impending airdrop.
According to Julian Zehetmayr, there are “plenty of parallels” between the current NFT market and LimeWire in the past, and both are “sort of a Wild West.”
“We’re attempting to create a more mature platform and professionalize things, similar to what Coinbase or other exchanges would do for crypto assets,” he explained.
LimeWire isn’t the only peer-to-peer platform that’s been updated. TRON founder Justin Sun purchased rival BitTorrent in 2018.