INOPERATIVE FILE SHARING PLATFORM LIMEWIRE SCHEMES A COMEBACK AS A NON-FUNGIBLE TOKEN(NFT) MARKETPLACE
Limewire’s plan of action is to revitalize this May as the latest owners of the inoperative file-sharing website’s intellectual property (IP) have plans to revolve the platform into a non-fungible token (NFT) marketplace.
Austrian brothers Julian and Paul Zehetmayr own Limewire’s IP and the two have elucidated to the press that they have been working on the platform in secrecy. In its prime, Limewire was nearly as huge as the defunct file-sharing platform Napster. Limewire software was downloaded by millions of individuals worldwide.
Limewire declined after Napster’s fall, when U.S. federal court judge Kimba Wood provided a ruling on October 26, 2010 that was against Limewire. The injunction came from the record companies’ pressure and especially, the court case Arista Records LLC v. Lime Group LLC. The Zehetmayr brothers purchased Lime Group’s rights last year and the service’s focal point will still be music. Discussing with CNBC, Julian Zehetmayr stated that the team has worked with Wyre and NFT prices from the market will be recorded in USD.
NFT fans that are looking to purchase NFTs from the Limewire platform will be able to make use of a credit card as Limewire has signed a partnership with the payment processor Wyre.
Zehetmayr has also told the press that the company’s advisory board involves Tareef Michael, manager of the group Wu-Tang Clan. “The issue with the NFT market is that most platforms are decentralized,” Zehetmayr said during his interview. The Limewire executive added: “If you look at bitcoin, all the exchanges are making it really easy to buy, trade, and sell bitcoin. There’s no one really doing the same in the NFT space”.
The Zehetmayr brothers informed CNBC that they raised funds through former ventures and Limewire has been funded by them wholly. The duo is taking into consideration venture capital funding this year and plans to set in motion a Limewire-centric token.
The crypto asset will be bought by investors at first and then the team will have a public sale following the private sale. The Zehetmayr brothers sincerely trust they have a well-known brand. “We’ve obviously got this great mainstream brand that everybody’s nostalgic about,” Julian Zehetmayr concluded. “We thought we needed to build a real mainstream user experience as well.”