LimeWire Is Making a Comeback to Sell Music NFTs – What You Should Know Before You Buy

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LimeWire is coming back to life as a digital collectibles market, and it’s kicking off with a partnership with Universal Music Group, according to a UMG press release.

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You may remember LimeWire as a free software peer-to-peer file sharing network. The service closed in 2010 after a legal battle with the Recording Industry Association of America over copyright infringement. Now the service is back, boasting on its website that it is a “one-stop marketplace for artists and fans alike to create, buy and trade digital collectibles without the technical crypto requirements of the NFT landscape,” NME reported. .com.

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Currently, LimeWire accepts over 20 cryptocurrencies for purchases or allows users to make purchases in US dollars using credit card, bank transfer, PayPal or other payment services. LimeWire defines “digital collectibles” as any exclusive or limited item not publicly available that may contain real assets such as musical instruments, as well as song demos, artwork, interviews, bonus tracks, animations or videos.

The partnership with UMG gives users access to exclusive offerings from UMG artists, including recordings, videos, backstage footage, artwork and images.

On its website, LimeWire addresses the concerns of copyright infringement by noting that it has artists on board directly or requesting verification that the musicians are the copyright owners. The partnership with UMG streamlines the process and ensures that UMG artists or UMG own the copyright to the material and that LimeWire uses it with permission.

“Universal Music Group has always prioritized” [sic] the creativity of the artists and the desire of valued fans to participate in innovative new ways. Now, NFTs provide an exciting means to strengthen this connection between artists and audiences,” said Jonathan Dworkin, EVP, Digital Business Development & Strategy at UMG, in a press release. “That’s why we’re excited to partner with LimeWire, who are focused on guiding everyday users in this vast arena, into this new era of Web3 engagement and music appreciation.”

Should you invest?

NFTs as an asset have grown in popularity in recent years, with sports teams, film production companies and musicians offering exclusive creative content set in the digital realm.

For some, the benefit is access to exclusive content and collectibles. Some fans invest in the experience to enjoy it, without thinking about whether the digital assets will appreciate over time.

But if you’re planning to invest in NFTs for potential future gains, it’s important to know that the potential is there. For example, musician and artist Grimes released an NFT that combined music, art, and video and brought in $7 million. A piece in the collection sold at auction for about $389,000, MotleyFool.com reported.

How to choose NFTs for investments?

While you may be tempted to start your collection by only buying from artists you like and want to support, you’ll also want to look at how much of each non-fungible token is produced.

When investing, not only the quality of the art is important, but also how rare the art is. What will the demand be in the future? Does the artist name have any staying power, where people are likely to covet their NFTs in the future? Or do they have a cult following where their art and music are likely to command a high retail price, even though they have a small audience?

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Of course, if you want to enjoy NFTs purely with no intention of reselling the assets, you can be more flexible in your choices.

As with anything, if you want to invest, understand that NFTs can fall in value. Never pay more than you can afford to lose or more than you can afford to spend.

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About the author

Dawn Allcot is a full-time freelance writer and content marketing specialist who is passionate about finance, e-commerce, technology and real estate. Her long list of publishing credits includes Bankrate, Lending Tree, and Chase Bank. She is the founder and owner of GeekTravelGuide.net, a travel, technology and entertainment website. She lives on Long Island, New York, with a veritable menagerie consisting of 2 cats, a rambunctious kitten and three lizards of varying sizes and personalities – plus her two children and husband. Find her on Twitter, @DawnAllcot.

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