Limewire has been discontinued and is back in business after it was shut down in 2010. The new Limewire will not allow users to access copyrighted movies and music files, but instead, it will launch a market for non-fungible tokens (NFT).
Limewire plans to return with an NFT Marketplace platform
Limewire plans to return from the ashes this May as the new owners of the defunct file-sharing website’s intellectual property (IP) have plans to turn the platform into a non-fungible token (NFT) marketplace. Austrian brothers Julian and Paul Zehetmayr own Limewire’s IP and the two have explained to the press that they have been working on the platform in stealth mode. Limewire, in its prime time, was as popular as Napster file-sharing platform. Limewire software had been downloaded millions upon millions by users worldwide.
Limewire went under after Napster’s fall, when U.S. federal court judge Kimba Wood issued an injunction on October 26, 2010, against Limewire. The injunction stemmed from the record companies’ pressure and more specifically, the court case Arista Records LLC v. Lime Group LLC. The Zehetmayr brothers bought Lime Group’s rights last year and the service will still have a focus on music. Julian Zehetmayr, a member of the Zehetmayr brothers spoke to CNBC and said that the team had worked closely with Wyre. NFT prices will now be available in USD.
NFT lovers who wish to purchase NFTs through Limewire will now be able use credit cards because Limewire has entered into a partnership agreement with Wyre, a payment processor. Zehetmayr also told the press that the company’s advisory board includes Tareef Michael, manager of the group Wu-Tang Clan. “The issue with the NFT market is that most platforms are decentralized,” Zehetmayr said during his interview. Limewire Executive added:
Bitcoin is the easiest way to purchase, trade, or sell it. There’s no one really doing the same in the NFT space.
Leveraging Limewire’s Mainstream Brand
CNBC was told by the Zehetmayr siblings that funds were raised through prior ventures. Limewire is 100% funded by them. This year the duo will be looking at venture capital funding and are planning to launch an Limewire-centric token. The first sale of the cryptocurrency asset is to investors. After that, the team will go public with a private sale. They are a trusted brand, the Zehetmayr brothers believe.
“We’ve obviously got this great mainstream brand that everybody’s nostalgic about,” Julian Zehetmayr concluded. “We thought we needed to build a real mainstream user experience as well.”
How do you feel about Limewire’s plans for launching a Limewire token and its return to NFT markets? Please comment below to let us know your thoughts on this topic.
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