Universal Music teams up with LimeWire to push forward with music NFT licensing platform
LimeWire has inked a deal with Universal Music Group for content licensing on a global scale, opening up the LimeWire collectibles marketplace to all artists under the Universal Music Group umbrella.
Universal Music Group (UMG) artists, as well as many of its iconic record labels like Republic Records, Motown Records, and Virgin Music, will be able to leverage the LimeWire marketplace as an additional platform to explore unique ways to engage with fans through digital music collectibles and Web3, and generate new revenue streams.
As part of this partnership, UMG will provide licences that will allow LimeWire to partner with UMG artists in order to launch innovative music-based NFT projects utilising the LimeWire marketplace.
In March, LimeWire announced it is relaunching later this year as a mainstream-ready digital collectibles marketplace for art and entertainment, initially focusing on music.
It will be a one-stop marketplace for artists and fans alike to create, buy and trade NFT collectibles with ease.
This month, LimeWire announced it has raised $10.4m in a private sale of its LMWR token led by large VC firms, 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.
“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.”
Using LimeWire, artists signed to UMG can now offer audio recordings, audiovisual content, backstage footage and any artwork and images as NFTs on the LimeWire marketplace and sell them directly to fans and collectors. Musicians can release bonus tracks and exclusive material, sell uncut or backstage content, and much more.
“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.