One of the world’s largest music labels Universal Music Group plans to release NFT in cooperation with LimeWire.
Universal Music Group concluded partnership with music sharing service LimeWire, which announced in March of this year that it would be relaunched as an NFT trading platform based on the Algorand blockchain. The deal will allow artists working with the label to release their own digital collectibles.
Artists such as The Rolling Stones, The Weeknd, U2, Taylor Swift, Elton John and others work with Universal Music Group. The deal with LimeWire does not mean that all of them will necessarily release their NFTs, but they will have the opportunity to do so. In addition, the American label collaborates with other studios such as Motown Records, Geffen, Interscope Records and Def Jam Records. They will probably also have access to create their own digital items.
LimeWire used to be a music-sharing service, but recently two tech entrepreneurs Paul and Julian Zehetmire bought it out to develop it towards Web3. The service will be relaunched as an NFT marketplace focused on music assets. It will be possible to purchase both real musical works, as well as works of art and collectibles created by musicians.
LimeWire plans to start an official launch campaign as early as the end of this month and open the platform itself shortly thereafter. In April, the company managed to raise $10.4 million in funding through a token sale. Companies such as Kraken Ventures, GST, Crypto.com Capital and others participated in the financing.
Earlier, the South Korean music platform Koong World received a patent for the use of blockchain and NFT for copyright protection.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
