After a decade out of commission, the infamous illegal download, file-sharing platform LimeWire is making a comeback as an NFT Marketplace.
For the Gen Z-ers and the latter who are scratching their heads, LimeWire was a popular peer-to-peer file-sharing program in the early 2000s. The platform allowed users to share files of all types, including copyrighted material.
The US government shut it down in 2010, but it looks like the team is ready to make a comeback in the virtual world.
From piracy to NFTs
According to a recent Bloomberg article, two Austrian entrepreneurs have spent the last few years buying the LimeWire brand. They will relaunch it as a new platform in May.
LimeWire will initially offer music-related non-fungible tokens, such as unique songs, merchandise, graphical artworks, and experiences like backstage content.
According to Paul, one of the CEOs, the startup will launch its utility token via a private sale very soon. He added that it would function as a loyalty program.
Unlike other NFT marketplaces that trade mostly in bitcoin, LimeWire will denominate all assets in US dollars to increase the accessibility of its offerings to a wider audience, with crypto or fiat currency accepted.
What does the future look like for companies like LimeWire?
The iconic name has leverage over others in the space, given its history. Under the new CEOs, it looks like LimeWire is about to make a huge comeback.
Another one of the CEOs, Julian Zehetmayr, told Bloomberg:
“It’s a very iconic name. Even if you look on Twitter today, there are hundreds of people still being nostalgic about the name.”
Zehetmayr also says:
“Everybody connects it with music, and we’re launching initially a very music-focused marketplace, so the brand was the perfect fit for that with its legacy.”
The nostalgia itself will help this NFT Marketplace thrive shortly. I can’t wait to see how LimeWire takes over the NFT world and how it will affect the future of mainstream artists.