LimeWire, an NFT marketplace, announced its first major music label contract with Universal Music Group (UMG), the world leader in music-based entertainment, and will work together to make digital music collectibles more accessible to a wider audience.
UMG artists, as well as many of the company’s iconic record labels, such as Interscope Records, Republic Records, Def Jam Recordings, Capitol Records, Motown Records, Geffen, EMI, Virgin Music, and others, will be able to use the LimeWire NFT marketplace as an additional platform to explore new ways to engage with fans through digital music collectibles and Web3, and generate new revenue streams.
As part of this partnership, UMG will give licence, allowing LimeWire to collaborate with UMG artists to launch creative music-based NFT projects using the LimeWire marketplace.
In March, LimeWire, the file-sharing website that previously allowed users to download music and other content for free online, announced it is relaunching later this year as a mainstream-ready NFT marketplace for art and entertainment, initially focusing on music.
LimeWire revealed the same month that it has chosen Algorand blockchain to enable the relaunch of its NFT marketplace.
“We see this partnership as a true demonstration of the pace at which the music industry is embracing Web3,” said Paul and Julian Zehetmayr, LimeWire Co-CEOs. “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.”
Using LimeWire, artists signed to UMG can now offer audio recordings, audiovisual content, backstage footage and any artwork and images as NFTs on the LimeWire marketplace and sell them directly to fans and collectors. Musicians can release additional tracks and exclusive material, as well as sell uncut or backstage content, among other things.
“Universal Music Group has always prioritised its artists’ creativity and valued fans’ desire to engage in innovative new ways. Now, NFTs are providing an exciting vehicle to enhance this connection between artists and audiences. This is why we are delighted to have partnered with LimeWire, who is focused on guiding everyday users into this expansive arena, in this new era of Web3 engagement and music appreciation,” said Jonathan Dworkin, EVP, Digital Business Development & Strategy at Universal Music Group.