NFTs to be released on the Algorand Marketplace by Universal Music Group


Universal Music Group (UMG), the
largest music publisher, has signed a big deal with LimeWire, the new digital
collectibles marketplace (Algorand Marketplace) that grew out of the defunct
popular music app of the early 2000s.
As announced Tuesday that Universal
Music has entered into a deal that will allow the company to offer its digital
collectibles marketplace to a number of prominent record labels and artists.
Julian and Paul Zehetmayr, LimeWire's
co-CEOs, commented on the partnership, saying it was a great example of the
music industry embracing Web3.
“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,” they
added.
The deal does not obligate the
artists to release NFTs through LimeWire, but they will apparently have the
option to do so. Some of the artists included in Universal Music Group’s lineup
include Taylor Swift, Kendrick Lamar, The Rolling Stones, U2, BTS, Chris
Stapleton, The Weeknd, Abba, and Elton John.
In March, Serial tech entrepreneurs
Paul and Julian Zehetmayr announced plans to relaunch LimeWire as an NFT
marketplace, which will initially focus on music-related assets, whether it's
the music itself or items like artwork and collectibles from musicians.
According to LimeWire, they plan to
launch their official campaign later this month, followed by the launch of
their marketplace.
What's an NFT?
An NFT is kind of like a digital proof of ownership and can represent digital artwork, music files, collectibles, and more. UMG is a world leader in the booming entertainment and music industry, and the partnership brings LimeWire back into the spotlight.

Pavan A
CBW - External Analyst
INDIA