Universal Music Group has inked a deal to let its artists release NFTs through the upcoming music platform, LimeWire.
LimeWire will launch a music-centric NFT marketplace on Algorand.
The global deal will let artists signed to Universal Music Group and its imprint labels release tokenized digital collectibles via the upcoming LimeWire marketplace.
Universal’s imprints include the likes of Interscope Records, Def Jam Records, Motown Records, Geffen, Republic Records, EMI, Virgin Music, and others.
The Universal Music Group lineup includes such massive artists as Taylor Swift, Kendrick Lamar, The Rolling Stones, U2, BTS, Chris Stapleton, The Weeknd, Abba, and Elton John.
LimeWire will be relaunched as an NFT marketplace that’s initially focused on music-related assets, whether it’s actual music or things like artwork and collectibles from musicians.
Serial tech entrepreneurs Paul and Julian Zehetmayr acquired LimeWire, a dormant peer-to-peer music sharing service last year and announced their Web3 plans in March.
Algorand is a proof-of-stake blockchain network that’s billed as a rival to Ethereum, the leading platform for NFTs and decentralized apps.
Meanwhile, rival Warner Music Group signed a partnership with metaverse game The Sandbox in January. The label, which houses artists like Lizzo and Ed Sheeran, will develop virtual land in The Sandbox’s game world and host concerts within the space.