What Is LimeWire (LMWR): Everything to Know About Its Music NFT Marketplace Rebirth
Lately, non-fungible tokens (NFTs) have catapulted from relative obscurity to soaring popularity. In 2021 alone, trading in NFTs spiked to over $17 billion, increasing 21,200% from the year before. However, many still struggle with understanding the intricacies of NFTs. Newcomers can find it hard to get on board and start creating. LimeWire offers a possible game-changing solution to this problem. Curious about how LimeWire is making its comeback? Read on as we cover everything you need to know about the LimeWire NFT marketplace and its LMWR token.
What Is LimeWire?
LimeWire is an entertainment-focused NFT digital collectibles marketplace, a relaunch of a defunct peer-to-peer music-sharing software popular in the 2000s. Initially, the new LimeWire will be concentrating only on music.
History Of LimeWire
For the uninformed who are unaware of what is LimeWire, the platform was first released on May 3, 2000 as a peer-to-peer file-sharing program designed to allow users to upload and download files through desktop software. Users were given access to thousands of MP3, AVI/MPEG and JPG files, culminating in tens of millions of users and over $20 million in annual revenue in 2006. LimeWire software was installed on 18% of all computers in circulation, making it arguably one of the most prominent music and video sharing platforms of the 2000s.
As a result of its growing popularity, LimeWire became a target of lawsuits from the Recording Industry Association of America bordering on copyright infringement of music by labels RIAA represented. These lawsuits and a further countersuit made by LimeWire resulted in a lengthy legal battle between the two parties between 2006 and 2010. On October 26, 2010, the judgment that would cause LimeWire to cease all operations was passed.
LimeWire is set for relaunch in May 2022, but this time specializing in NFTs. With a new team on board and brothers Paul and Julian Zehetmayr at the helm (after buying intellectual property rights to the company), LimeWire hopes to forge a new path. Described as “serial founders", the Zehetmayr brothers co-founded Stack Holdings, a company with the primary goal of automating complex processes. Now they aim to position LimeWire as a marketplace accessible even to newbies.The LimeWire management team also includes crypto veterans, many of whom previously worked for the European cryptocurrency exchange Bitpanda, backed by Peter Thiel.
LimeWire has taken on a whole new scope and will be nothing like the original LimeWire company of the 2000s. While keeping only the name and domain, the LimeWire NFT marketplace plans to revolutionize digital collectible ownership and trading in the music and entertainment industries.
The Zehetmayr brothers look forward to bringing LimeWire back amidst a fast-moving world of digital collectibles, music and entertainment. LimeWire confirmed on Twitter that the platform would be built into the first genuinely mainstream-ready digital platform. It will be available and accessible to just about anybody, both creators and buyers.
The blueprint involves launching as an NFT marketplace wired for users to collect, trade, and enjoy exclusive content from their favorite creators without worrying about blockchain technicalities. By taking care of custody and blockchain transactions, LimeWire lowers the entry barrier for mainstream users to purchase and trade NFTs.
Instead of competing with existing streaming services, LimeWire wants to provide another channel for creators to sell content exclusively. Through the LimeWire NFT marketplace platform, artists will be able to engage with their loyal fans directly.
Users will be able to buy and trade music-related assets such as cover art, unreleased demos, exclusive music releases, artist interviews, backstage content, and music-related digital artwork accompanied by audio or video content.
What Are Some of LimeWire's Long-Term Goals?
Wondering what is LimeWire's vision for the NFT space? The LimeWire NFT marketplace hopes to put artists fully in charge of their content, offering them flexibility and control. Eventually, the marketplace won’t be exclusive to music-related content alone. You’ll be able to trade other types of digital collectibles related to interests in sports, music, movies or artwork.
The company’s vision is to to reach beyond the music industry and become the go-to collectible marketplace for arts and entertainment. LimeWire hopes to hit 1 million unique monthly users by the end of its first year in operation.
In comparison with music, LimeWire believes the film industry is still at an even earlier stage regarding NFTs and sees tremendous potential in filmmakers, producers, and studios of every size creating digital collectibles.
If this happens soon, LimeWire intends to become the pioneering marketplace that will help further expand its offerings and ecosystem.
Will the LimeWire NFT Marketplace Be Eco-friendly?
For those wondering what is LimeWire's unique selling point as an NFT marketplace, you'll be glad to know that it has committed to being eco-friendly through its NFT minting process and blockchain provider.
Minting NFTs has become synonymous with greenhouse gas emissions from burning fossil fuels, coal, natural gas and petroleum for energy use.
In 2021, 90% of all NFT transactions occurred on the Ethereum network. Each transaction produced 103.42 kilograms of carbon dioxide, and about 47 million tons in carbon emissions, as of the end of the year.
In contrast, LimeWire will be taking a more eco-friendly stance by using Algorand as its blockchain provider. Algorand is an open-source, decentralized blockchain network that’s carbon negative, and maintains a lightweight, energy-efficient footprint.
With the Algorand blockchain, users will be able to mint their digital assets to NFTs without being worried or feeling guilty about damaging the ecosystem.
LimeWire Vs. Other NFT Marketplaces
LimeWire is poised to become the first genuinely mainstream-ready collectibles platform. This has left many NFT enthusiastsHow does LimeWire intend to achieve this — and what will they be doing differently to make sure they deliver?
LimeWire management hopes to make signup quick and easy, with straightforward KYC (know your customer) information requirements and U.S. dollar pricing. An average music fan should be able to easily access the platform.
LimeWire Vs. OpenSea
To use OpenSea, you need digital currency to carry out transactions. For this reason, OpenSea requires you to have a crypto wallet already — or create a new one, which will then be connected to your OpenSea account. As a newbie, this entire process might be a little overwhelming.
To solve this problem, LimeWire has created a system that doesn’t require you to have a crypto wallet to trade anything. The LimeWire marketplace uses U.S. dollars as its main currency, in addition to several other currencies and the LimeWire token (LMWR). The Wyre payment platform is also used to facilitate payments of bank transfers and credit card deposits. These choices make it easy for beginners, significantly lowering the entry barrier to the marketplace.
LimeWire Vs. Magic Eden
LimeWire Vs. Solanart
LimeWire allows you a vast option of NFTs and gives you the cross-blockchain advantage by bridging its platform with the Ethereum and Polygon blockchains.
Solanart, on the other hand, only allows a smaller selection of NFTs compared to LimeWire, and some of these assets aren’ even recognized across other platforms (aside from Solana).
Hyped for the upcoming LMWR token launch? LimeWire currently has a total supply of 1 billion tokens and raised $10.4 million in a private sale of its native token, $LMWR, in a round led by Kraken Ventures, Arrington XRP Capital and GSR Ventures.
Money raised in the LimeWire private token sale event will be used to grow the LimeWire team, extend partnerships, and continue to bring musicians on board its platform.
Brothers Julian and Paul Zehetmayr, the co-CEOs, said, "We expect strong interest in the public token later this year. The LMWR token sits at the heart of the LimeWire ecosystem and allows you to participate actively."
The public sale of the tokens will come up in the fourth quarter of 2022. Holders of the LMWR token will enjoy reduced trading fees, access to exclusives, voting mechanisms, and a token reward program.
What Else We Know About the All-New LimeWire
To bring digital collectibles to the mainstream and onboard over 1 million users in its first year, LimeWire intends to partner with top artists in the music industry, with big players like Canadian producer deadmau5 and DJ Steve Aoki already on board.
LimeWire will have a system that allows token holders to determine which up-and-coming artists should be supported by LimeWire on the platform and featured on its marketplace.
A Limewire NFT airdrop is currently planned, in which LimeWire will drop 10,000 exclusive NFTs to the top 10,000 waitlist participants.
You can sign up for the airdrop on the LimeWire waitlist registration page, and refer your friends to increase your chances of being among the top 10,000.
The Bottom Line
LimeWire's relaunch as an NFT marketplace will redefine how music is created, traded and collected in a way that’s easy and accessible for users. Artists will also retain full control over their music and have the chance to engage with fans directly. With prior brand recognition as a former peer-to-peer music service, LimeWire's take on NFTs is poised to take music ownership and trading to the next level.