18 May 2022 09:13, UTC
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One of the world’s largest music labels Universal Music Group plans to release NFT in cooperation with LimeWire.
Universal Music Group has partnered with music-sharing service LimeWire, which announced in March this year that it would be relaunched as a trading platform for NFT 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 LimeWire deal doesn’t mean they’ll all necessarily release their NFTs, but they will have the opportunity. In addition, the American label collaborates with other studios such as Motown Records, Geffen, Interscope Records and Def Jam Records. They will likely also have access to create their digital items.
LimeWire was previously a music-sharing service, but recently two tech entrepreneurs, Paul and Julian Zehetmaira, bought it out to develop in the direction of Web3. The service will be relaunched as an NFT marketplace focused on music assets. It will be possible to purchase both real musical works and works of art and collectibles created by musicians.
LimeWire plans to launch an official launch campaign later this month and open the platform itself shortly thereafter. In April, the company managed to raise $ 10.4 million in financing during the token sale. Such companies 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 to protect copyright.
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