Limewire is resurrecting itself as an NFT marketplace that will initially focus on music before expanding into other entertainment mediums.
Limewire announced on March 14th that it has chosen the Algorand blockchain to power its revival as an NFT marketplace.
Limewire said it chose Algorand because it has been carbon-negative since 2021, while its scalability and security make it a great fit for digital collectibles like NFTs. The company also said the partnership will allow it to offer the user, the ability to mint new NFTs for free.
The company also intends to launch its own crypto, called the $LMWR token, and has launched a waitlist to join the upcoming platform for users and creators, both. The waitlist also includes an airdrop of 10,000 NFTs and access to the pre-sale of Limewire’s token.
Limewire’s initial aim is to build an NFT marketplace for music that will merge the current web2 user experience with the benefits of web3. The goal is to build an ecosystem where creators and users can interact directly. Creators can easily mint new NFTs for free that can then be purchased by users via crypto.
The ecosystem aims to be compatible with a variety of cryptocurrencies instead of relying on a native token and will also allow users to freely trade their owned NFTs through its platform.
Some of the music-related assets that the company has mentioned include limited editions, pre-release music, unreleased demos, exclusive live versions of songs, backstage and behind-the-scenes content, and even graphical artwork.
Bridging the gap
Limewire says it is trying to bridge the gap between NFTs and the average user. The company has seen roughly 250,000 people sign up on its waitlist so far, according to its Twitter.
According to the company, NFTs and the general crypto marketplace is very exclusive at the moment. Access is limited to the few who understand the nascent technology. Limewire’s goal is to make the process of jumping into NFTs as smooth as possible for people that are new to the space.
The platform is trying to become accessible to every music fan, regardless of whether they hold cryptocurrency or not. Its plan is to make its services available across all web2 and web3 mediums so that anyone can easily mint or purchase an NFT without requiring deep technical knowledge or owning crypto.
It intends to integrate traditional payment systems and price the NFTs in USD. It will also allow users to purchase NFTs directly via dollars using their credit cards or bank transfers to further integrate the marketplace into mainstream payment options as well as web3-based payment systems.