The defunct file-sharing platform “LimeWire” is making a comeback as Austrian entrepreneur brothers Paul Zehetmayr and Julian Zehetmayr bought the rights to LimeWire. They will be relaunching it under a new company, LimeWire GmbH, as a new marketplace for Non-Fungible Tokens (NFT), initially focusing on music content.
New LimeWire’s waitlist landing page
“LimeWire will not be an alternative to streaming platforms, but rather an additional channel for artists to sell exclusive music and art directly to collectors and to engage with their most loyal community of fans,” Julian says, Co-CEO and Founder of LimeWire GmbH, making emphasis on their arm “to give artists full flexibility and control when it comes to their content.”
Previously, LiveWire as a file-sharing platform, serviced illegal downloads, and underwent lawsuits from the music industry and music artists.
Recording Industry Association of America’s legal conflict versus LimeWire closed with a USD 105 million settlement over copyright infringement, resulting in a ‘permanent injunction’ against the company. The reparations were settled outside of court between former LimeWire CEO Mark Gorton and various record companies.
The new team had this in consideration and has put safety measures in place, including the incorporation of stringent anti-money laundering checks and accountancy firm Ernst & Young (EY) for vetting all activities.
The new NFT market site will launch in May, and users may join a waitlist to be notified about its debut. Sales will take place in USD, without crypto wallet prerequisite—in other words, NFT collectibles can be bought directly thru credit card, bank transfer, and other gateways.
“We want to remove all those obstacles and make it easy for people to participate, while at the same time offering an exciting platform for crypto natives,” says co-CEO Paul.
For now, the founders are collaborating with artists for the creation of exclusive content. They also have a roadmap for 2022 with plans to expand content to the film industry by the fourth quarter. The new LimeWire also aims for a community-driven approach to discover new ways artists can interact with their fans.
