Universal Music Group Partners with LimeWire to Allow Artists to Release NFTs on Marketplace

Universal Music Group (IMG) has struck a partnership to allow its artists to release their music as non-fungible tokens (NFT) on the marketplace.

In a Web 3.0 related move, multinational music corporation Universal Music Group (IMG) has struck a partnership which will allow its artists to release their music as non-fungible tokens (NFT) on the marketplace.

UMG Partners with LimeWire

In March this year, LimeWire, originally a file-sharing platform, relaunched as a digital collectibles marketplace. Now the reimagined company has partnered with Universal Music Group, marking LimeWire’s first major-label partnership.

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As part of the deal, LimeWire will provide licenses to artists under the UMG label, enabling them to launch music-based NFT projects on the LimeWire marketplace.

More NFT Use Cases for UMG Artists

According to the Co-CEOs of LimeWire, Paul and Julian Zehetmayr, “the partnership is a true demonstration of the pace at which the music industry is embracing Web 3.0.”

UMG artists can now use the LimeWire platform to offer audio recordings, audiovisual content, backstage footage, and any artwork or images as NFTs on the LimeWire marketplace to sell directly to fans and collectors.

The deal marks UMG’s latest Web 3.0-related move, and follows the launch of last week’s virtual world and NFT collection for virtual band ‘KINGSHIP‘, which signed to Universal’s Web 3.0 label ’10:22PM’.

On the Flipside

  • The crypto market crash has taken a toll on many non-fungible tokens, which have consequently suffered heavily devaluation.

Why You Should Care

The move is a strong display of the increasing adoption of NFTs, and a shift from digital art into music and media.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia