LimeWire today announced that it has reached its first agreement with Universal Music Group (UMG). The agreement opens LimeWire’s NFT marketplace to all artists under the Universal Music Group umbrella.
Artists signed to Universal Music Group can now offer audio recordings and multimedia content as NFT on the LimeWire marketplace.
Important milestone reached! We’re thrilled to announce our partnership with Universal Music Group @UMG, opening up opportunities for music NFTs to all artists signed to Universal and UMG labels.
Read more here 👉 https://t.co/VHolELPC1e pic.twitter.com/JfE3IfMEQ0
— LimeWire (@limewire) May 17, 2022
Universal Music Group artists and other record labels
UMG artists, as well as many of the company’s record labels, including Interscope Records, Republic Records, Def Jam Recordings, Capitol Records, Motown Records, Geffen, EMI, Virgin Music and others, will be able to leverage the LimeWire marketplace to engage with fans through Web3 and generate new revenue streams.
UMG will provide licenses that will allow LimeWire to partner with UMG artists to launch music-based NFT projects. UMG-signed artists can now offer audio recordings, audio-visual content, behind-the-scenes footage and any artwork and images as NFT on LimeWire’s marketplace.
Musicians can also release bonus tracks and exclusive material, and sell uncut or behind-the-scenes content on the LimeWire 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, co-CEOs of LimeWire. “We are thrilled to open up the LimeWire NFT ecosystem to Universal Music Group’s artists and fans and can’t wait to see the first creative projects launched in the marketplace.”
In March, LimeWire announced its relaunch as an NFT marketplace for arts and entertainment, with an initial focus on music. In April, LimeWire raised $10.4 million in a private sale of its LMWR token led by Kraken Ventures, with participation from Deadmau5’s venture fund 720Mau5, as well as DAO Jones, an investor group made up of high-profile members of the music industry, including well-known electronic music artist Steve Aoki.
“Universal Music Group has always prioritized the creativity of its artists and has valued the desire of fans to participate in innovative new ways. Now, the NFTs offer an exciting vehicle to enhance this connection between artists and audiences. That’s why we are thrilled to have partnered with LimeWire, which is focused on guiding everyday users into this broad arena, in this new era of Web3 engagement and music appreciation,” said Jonathan Dworkin, Executive Vice President, Digital Business Development and Strategy, Universal Music Group.
The partnership with LimeWire is Universal Music Group’s latest move in the NFT space. The music company partnered with Curio to develop NFTs in February, followed by a partnership with Billboard to launch artist-focused NFTs and the purchase of Bored Ape to manage its virtual band, Kingship, in March.
Lately, the music industry has been taking an interest in NFTs as Spotify is planning to include a gallery of NFTs for its artists.
