LimeWire is set to be relaunched in May as a “digital collectibles marketplace” specialising in music, art and entertainment.
The popular peer-to-peer file sharing service was ordered to be shut down in 2010 following a court injunction that was issued by US federal court judge Kimba Wood.
LimeWire is now set to return in its new guise as “a one-stop marketplace for artists and fans alike to create, buy and trade digital collectibles without the technical crypto requirements of the current NFT landscape”.
Initially focusing on music, the company is aiming “to bring digital collectibles into the mainstream” and attract one million users in its first year “through partnerships with major artists in the music industry”.
LimeWire say that music fans will be able to buy and trade a variety of “music-related assets” on their marketplace, including limited edition releases, pre-release music, unreleased demos, graphical artwork, exclusive live versions, digital merchandise and backstage content.
A collaborative line-up featuring “big names in the music industry” is set to be announced when LimeWire officially relaunches in May, while artists and creators who are interested in being part of the marketplace can use the LimeWire waitlist page to sign up for early access.
LimeWire co-CEO Paul Zehetmayr said in a statement that “the biggest challenge with digital collectibles and the broader crypto market in general is that it’s really limited to a small group of savvy users”.
“There are big players on the market already, but the entry barrier is still too big to allow for mainstream adoption. Most music fans do not own any cryptocurrency or have access to a crypto wallet, let alone understand the mechanics of collectibles on the blockchain. We want to remove all those obstacles and make it easy for people to participate, while at the same time offering an exciting platform for crypto natives.”
Julian Zehetmayr, LimeWire co-CEO, added: “In an increasingly difficult industry with streaming taking over and ownership taking a back seat, we are working to give artists full flexibility and control when it comes to their content. LimeWire will not be an alternative to streaming platforms, but rather an additional channel for artists to sell exclusive music and art directly to collectors and to engage with their most loyal community of fans.”