LimeWire Is Coming Back as NFT Marketplace

LimeWire Is Coming Back as NFT Marketplace

In a blast from our not so distant digital past, the infamous peer-to-peer file-sharing service, LimeWire, is ready to make a comeback and yes, they too are getting in on the NFT bandwagon.

After being forced to shut down in 2010 following a four-year legal battle with the federal government over mass copyright infringement, LimeWire is looking to put their sordid past behind them and relaunch as a marketplace for digital collectibles. No longer will the platform be known for low quality mp3 rips of "Numb" by Linkin Park that served as Patient Zero for all of the viruses that bricked your parents' computer but instead will focus on “music-related assets” like pre-release recordings, unreleased demos, artwork, live content and virtual merch.

Having restructured with a new team and transferred the service's intellectual property to brothers-slash-co-CEOs Paul and Julian Zehetmayr, the new LimeWire hopes to capitalize on all of the Y2K nostalgia the brand name carries with it, while steering clear of some of its more infamous connotations. “After about 12 years of the platform being down,” Paul Zehetmayr tells Bloomberg, “all the controversy that might have been in the past with the music industry has turned into nostalgia.”

As a part of their efforts to atone for the sins of company's past, LimeWire is planning to give other streaming services a run for their money by offering musical artists a 90% share of the revenue with plans to attract one million users over the course of the platform's first year. Management for Wu-Tang Clan and H.E.R. have also signed on to be a part of LimeWire's advisory board as the company looks to launch their digital marketplace in May of this year.

But, while LimeWire may be looking to put as much distance between them and their pirating past as possible, their pivot towards NFTs does come with its own set of controversies. From the market's gender gap to the frequently downplayed environmental impact the minting process takes, NFTs are not without their own sins. Looking to get out ahead of the impending cryptocurrency regulations in Europe and the US, the CEOs have put strict anti-money laundering measures in place.

Photo via LimeWire