LimeWire enters into NFTs in partnership with Universal Music Group
Universal Music Group, the music business giant representing such celebrities as Taylor Swift, Maroon5, BTC, etc, has officially joined LimeWire to allow artists to publish NFT. WEB3-based digital music sharing platforms are popping up, according to Universal Music Group’s statement. LimeWire recently announced a collaboration with Universal Music Group. This happened just days after Algorand purchased Napster.
This arrangement with Universal Music, according to a press statement released on May 31, would allow them to provide its digital collectibles marketplace to several renowned record labels and established performers.
UMG will award artists licenses for the LimeWire NFT-marketplace.
Interscope Records, Virgin Music, Republic Records, Def Jam Recordings, EMI, Capitol Records, and Motown Records are among the labels that may access LimeWire’s NFT-marketplace to reach more followers through digital NFT songs and Web3 experience.
LimeWire representatives Paul and Julian Zehetmair remarked on the agreement, saying it highlights the velocity at which the music business is seeking Web3.
“Important milestone reached! We’re thrilled to announce our partnership with Universal Music Group @UMG, opening up opportunities for music NFTs to all artists signed to Universal and UMG labels.”
LimeWire intends to launch an official launch campaign later this month, followed by the platform itself. The startup raised $10.4 million through a token sale in April. Also, Kraken Ventures, GST, Crypto.com Capital, and others contributed to the round of investment.
Previously, the South Korean music portal Koong World was granted a patent for using blockchain and NFT to secure copyrights.
Spotify and NFT
Spotify began testing a feature in March 2022. This would allow musicians to broadcast their NFT, beginning with the well-known Steve Aoki and The Wombats, who were among the first to employ digital assets. Only individuals who use Spotify for Android in the United States may currently view NFT in artist profiles, where they can select their favorite for purchase on the associated external market.
Nowadays, many are attempting to catch the NFT wave, but it appears that the original rush may be fading (at least for the time being). Daily NFT sales have dropped 92% from 225,000 in September of last year to only 19,000 as of May 3rd, according to The Wall Street Journal. The number of active NFT wallets is likewise decreasing, falling from over 119,000 in November to 14,000 by the end of April.
At this time, it was said that Spotify would not receive a percentage of revenues, but would instead serve as a platform where artists could explore digital assets for sale. Given how popular NFT has been in recent years, it is not surprising that the major streaming services are following suit, albeit it is unclear whether fans desire such a feature.
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