LimeWire, a popular peer to peer file sharing platform will be making its return on blockchain. According to a press release the platform will be relaunched as an Algorand-based non-fungible token marketplace.
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LimeWire has selected this network, the release claims, due to Algorand’s alleged energy consumption levels which make them the blockchain “of choice for energy efficient NFT marketplaces”. It will be a highly scalable network that can handle low-cost transactions and provide an Ethereum-Polygon link.
LimeWire has previously stated that the platform will provide support for its marketplace using its native token, LMWR. In addition to the capacity to transact with LimeWire NFTs, user will allegedly have access to “exclusive community”, voting rights, and access to a reward system.
The platform will let content creators, initially musicians, to launch digital assets so fans can buy, sell, and trade them without the “technical hurdles” of alternatives. LimeWire aims to attract users to its platform by providing them with unique experiences and unique products from their favourite artists.
In the press release, it claims that:
Collectors and music fans will have the opportunity to trade and buy a wide range of music assets such as pre-release music and limited editions.
This platform will be focusing on people who don’t have technical knowledge or are unfamiliar with digital assets and cryptocurrencies. Thus, the “newbies” or “noobs” will be the main target audience for this re-brand.
The new LimeWire platform will let users trade by completing an “easy” registration process with “seamless KYC”. As a bonus, items will be priced in U.S. dollars, and users won’t be obligated to set up a crypto wallet from the get-go.
To achieve this objective users can purchase digital assets via their credit card, bank transfer or other traditional payment methods. LimeWire says it has a partner with Wyre in order to offer these services.
LimeWire Calls On “Noobs” To Leverage Crypto
According to the press release, LimeWire will now be a hybrid platform. It combines the best of Web2 platforms and the benefits of Web3. Paul Zehetmayr (CEO LimeWire) stated the following regarding the announcement.
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. Although there are many big players in the market, the barrier to mainstream adoption is too high.
Users will not only be able use traditional payment methods to buy digital assets, but they can also use different cryptocurrency. Steven Kokinos, CEO of Algorand said that:
LimeWire’s launch on Algorand is exciting for us. We see huge potential for them taking the music collecting market by storm. We are excited to see digital collectibles grow in popularity and support LimeWire’s entry into this market.
According to the press release, LimeWire’s new marketplace will launch May 2022. The platform promises a “lineup of big names” for its market debut.
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At the time of writing, ALGO’s price trades at $0.68 with a 2% loss in the past 24-hours.
