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