- Music industry heavyweights like Deadmau5 and Steve Aoki back LimeWire’s blockchain push.
- Polygon Labs joins forces with LimeWire to offer an on-chain creator studio with AI.
- The native token $LMWR will be used in daily creator challenges & fresh AI models.
LimeWire, the landmark file-sharing service from the early 2000s, was reborn in 2022 after over ten years of silence. Relaunched as a music NFT marketplace, LimeWire became a decentralized social platform for emerging artists to keep control of creator rights and royalties.
AI Studio to Unleash Creativity on the Blockchain
On Tuesday, LimeWire introduced the LimeWire AI Studio in partnership with Polygon Labs, a well-known Layer-2 blockchain that has been partnering with major brands like Coca-Cola, Disney, and car manufacturers Hyundai and Kia, to name a few.
LimeWire has been putting a lot of effort into exciting the curiosity of upcoming music artists to try their hand at decentralized monetization. For this reason, users could sell their NFTs or own a premium subscription feed similar to Patreon or OnlyFans.
Democratizing the music industry has been a sensitive topic for most emerging artists, as a few big players like Spotify and Apple Music have taken the lion’s share of control.
However, LimeWire’s blockchain-based AI studio offers something most platforms can’t – a tool to create a song or visual piece of art directly on the blockchain. LimeWire’s users can now use DALL-E or Stable Diffusion – these tools let users describe their idea in keywords, which is later made into a visual art piece via the assistance of artificial intelligence.
LMWR Back in the Limelight?
Following the developments, LimeWire’s native token, $LMWR, boosted 18.8%, reaching a new monthly high of $0.075, according to CoinGecko. According to the official thread on Twitter, the token is slated for use in automated ad revenue payouts, free studio credit airdrop for $LMWR holders, and early access to new features.
At press time, LMWR trades at $0.075775, according to CoinGecko. With a 4.5% daily increase, the 18.8% monthly bump brings $LMWR to a new 30-day high, but there’s a catch. LimeWire crypto token’s initial sale in May, which scooped up over $17 million, has seen the token shoot up to $0.31 but later plunged to an all-time low of $0.059 due to extreme crypto market conditions.
On the Flipside
- The current version of the online LimeWire AI Creator Studio has only partial functionality.
- Users can create AI-assisted images directly on the blockchain, while audio & video tools are yet to be launched.
Why This Matters
During its prime, LimeWire had 50 million active monthly users and is considered a pioneer in online peer-to-peer file sharing.
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