The former peer-to-peer file sharing platform will be venturing towards the crypto industry with an NFT marketplace.
Right before getting shut down in 2011 due to ongoing investigations for copyright infringement, LimeWire was facing a lawsuit from record labels, amounting to almost $72 trillion in statutory damages.
Despite closing the operations, LimeWire was not let off the hook that easily. In 2011, the founder of LimeWire Mark Gorton settled for $105M which was paid out to 13 record labels.
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Meanwhile, the former file-sharing platform has apparently switched its focus towards the NFT market. Based on the report by Bloomberg, two Austrian entrepreneurs Paul and Julian Zehetmayr purchased the rights for LimeWire, and relaunched it under new naming rights, but kept the same trade name for brand awareness.
Interestingly enough, the new LimeWire will take a completely different approach that is contradictory to the platform's "roots" per se. The NFT marketplace will be looking to partner up with musical artists and create digital collectibles, with the majority of funds going to the musicians.
​​One of the CEO’s of the reformed LimeWire Julian Zehetmayr spoke on the "rebirth" of the platform, stating:
"It’s a very iconic name. Even if you look on Twitter today, there’s hundreds of people still being nostalgic about the name. Everybody connects it with music and we’re launching initially a very music-focused marketplace, so the brand was really the perfect fit for that with its legacy."
More than that, the platform will be issuing native tokens, given out as a token of appreciation to customers, through a “private sale” at the end of the month.
As for the payment options, LimeWire will prioritize selling NFTs in US dollars, but users will also be able to pay in crypto. In fact, the platform will offer custodial services via Bitcoin and Ethereum wallets, powered by a blockchain-based payment platform Wyre.
The two brothers have addressed the issues regarding the brand’s past, and the regulatory scrutiny around the digital asset industry. According to Bloomberg, they’ve ensured that proper safeguards are in place to prevent any criminal activities like money laundering and abuse of regulatory gaps.
The LimeWire NFT marketplace is set to launch in May, with users already able to join the waitlist for the "exclusive LimeWire airdrop", and a creator application for artists who want their work featured on the platform.
