Quick take:
- The deal opens up LimeWire’s NFT marketplace to all artists under the Universal Music Group umbrella.
- UMG will provide licences that will allow LimeWire to partner with UMG artists to launch music-based NFT projects.
- Musicians can release bonus tracks and exclusive material, sell uncut or backstage content on the LimeWire marketplace.
LimeWire announced today that it has struck its first major music label partnership with Universal Music Group (UMG). The deal opens up LimeWire’s NFT marketplace to all artists under the Universal Music Group umbrella.
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 more, will be able to leverage the LimeWire marketplace to engage with fans through Web3 and generate new revenue streams.
UMG will provide licences that will allow LimeWire to partner with UMG artists to launch music-based NFT projects. Artists signed to UMG can now offer audio recordings, audiovisual content, backstage footage and any artwork and images as NFTs on the LimeWire marketplace.
Musicians can also release bonus tracks and exclusive material, and sell uncut or backstage 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, LimeWire Co-CEOs. “We’re thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t wait to see the first creative projects being launched on the marketplace.”
In March, LimeWire announced that it is relaunching as an NFT marketplace for art 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 720Mau5 venture fund, as well as DAO Jones, a group of investors consisting of high-profile members from the music industry, including well-known electronic music artist Steve Aoki.
“Universal Music Group has always prioritised its artists’ creativity and valued fans’ desire to engage in innovative new ways. Now, NFTs are providing an exciting vehicle to enhance this connection between artists and audiences. This is why we are delighted to have partnered with LimeWire, who is focused on guiding everyday users into this expansive arena, in this new era of Web3 engagement and music appreciation,” said Jonathan Dworkin, EVP, Digital Business Development & Strategy at Universal Music Group.
The partnership with LimeWire marks UMG’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 a Bored Ape to manage its virtual band, Kingship, in March.
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