This collaboration aims to broaden the appeal of digital music collectibles. LimeWire was granted licenses by Universal Music Group, allowing it to collaborate with its artists.
LimeWire, a digital collectibles marketplace, has entered into a strategic partnership with Universal Music Group (UMG).
LimeWire announced the partnership in a press release yesterday, noting that it involves non-fungible tokens (NFTs). This agreement will see both companies work to make digital music collectibles more accessible.
According to the press release, this collaboration will give UMG artists and record labels access to LimeWire’s Algorand-based NFT marketplace.
The marketplace will be an additional platform for artists and labels to experiment with new ways to engage with fans via digital collectibles and the web3 ecosystem.
Furthermore, the marketplace will assist UMG artists and labels in generating new revenue streams.
This agreement saw UMG grant LimeWire licenses to allow it to collaborate with its artists. This provision facilitates the launch of innovative music-based NFT projects via the LimeWire marketplace.
LimeWire co-CEOs Paul and Julian Zehetmayr commented on the collaboration, saying, “We see this partnership as a true demonstration of the pace at which the music industry is embracing Web3. We’re thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t wait to see the first creative projects being launched on the marketplace.”
To read our blog on “Linktree is releasing new features that will allow authors to display their NFTs,” click here
