LimeWire launched back with NFT Market

With the return of LimeWire, the creative industries can finally be on the right track to curb copyright infringement and intellectual property theft. New and innovative Web3 music streaming platforms and communities are emerging.

In March 2022, the peer-to-peer (P2P) file-sharing platform announced its return. The platform now holds the NFT market.

On March 9, 2022, LimeWire unveiled a new website and new corporate vision. The company is returning to the music business with a new music platform release, a new image, and an influential advisory board. Committee members include Tarif Michael (Wu-Tang Clan Director), former Def Jam A&R Pedro Genao, and HER Director Jennen Maclean Williams.

Limewire history

LimeWire, started by Mark Gorton in 2000, has enjoyed huge popularity. The platform has become a major source for pirated music and movie files.

Ten years later, a judge ruled on several of the copyright infringement lawsuits that the platform has battled. In October 2011, LimeWire finally ended and Gorton settled out of court for $105 million with an extensive list of major record labels, including the Recording Industry Association of America (RIAA).

After LimeWire ended, the hacking rate dropped from 16% (late 2007) to 9% (late 2010). The average number of music files downloaded from other P2P networks after the LimeWire shutdown dropped from 35 tracks per person in the fourth quarter of 2007 to just 18 tracks in the fourth quarter of 2010.

In May 2022, Austrian brothers Julian and Paul Zeitmayer, an Austrian businessman, bought the intellectual property of LimeWire. With a new team and advisory board, LimeWire aims to lead the NFT boom, and leave the past behind. LimeWire aims to be an innovative platform that introduces new artists and creators.

Music NFT Technology

Image courtesy of MYX/ETHDenver

In February, be[In]Crypto at ETHDenver with music platform pioneer Web 3 Myx. Myx enables web 3 artists to take control of their music distribution. The company believes that Web 3 will provide a solution against intellectual property theft through its decentralized file storage system, IPFS. Myx director explained that Be[In]Encoder:

Audio files can finally be encrypted and stored securely over a network of nodes. It is the newest way to backup your files on music platforms at present. ”

In addition, the director also addressed the Audius platform and the current difficulties it is facing: “Many artists who joined our platform since the beginning of February expressed dislike of Audius because the platform advertises that they support artists for paid streaming, but in fact they do not. On the other hand, Royal does something very similar to what we do. The difference is that in Royal, artists receive investment from fans and at the same time they share in the revenue of streaming web 2 platforms.”

MYX Artist Dashboard

Transparency and fair profits

However, the mechanisms many platforms use to advertise are “very opaque,” according to the managing director. “Teams want to build a streaming platform where all the revenue streams are on one chain for all investors to see and trust.”

The platform is currently in the beta launch phase and is expected to go public in the second quarter of this year. There are currently more than 200 artists on the platform, who are mostly considered early and core 3 web artists, including Harrison Fir$t, Dyln, and fifirong.

Fans can invest and earn alongside their favorite artists through the Pods feature of the platform. Thus, multiple music owners can collaborate and collectively profit from the economy and management of that music. For example, all the tracks in the capsule will earn money when they are streamed on Myx. All token holders (media shares) receive profits proportional to their capsule share.

First NFT Music Platform on Binance Smart Chain

ROCKI is another NFT music platform founded in late 2020 by Swedish DJ and industry expert Bjorn Niclas. The platform offers both royalty NFTs and music NFTs in the form of limited-edition collectibles. It takes a similar approach to Oki. In a statement in February, Bjorn Niklas told Be[In]Encoder in NFT LA.

“This is really great evidence of the direction music is heading and Web3 seems to be the solution. By the end of March, the artists at ROCKI had mined and sold over 2,000 NFT music on the platform.”

According to Niclas, these artists are expected to make more money from a single NFT release of music than they do in a single year on major streaming services. In 2020, Israeli DJ and producer Guy J sold 50% of the licensing rights to his exclusive song Cotton Eyes on ROCKI for 40 ETH (about $24,000 at the time) after an NFT auction.

Since its inception in 2020, more than 30,000 tracks from several thousand independent artists have been uploaded to the platform. In April 2021, ROCKI also announced its partnership with Binance Smart Chain. Thus, ROCKI became the industry’s first music platform on the Binance Smart Chain.

Niklas explained that due to the scalability, lower transaction costs and development support from BSC, the partnership is important not only to support an artist-friendly streaming platform, but also to build a “more viable, robust and sustainable” music industry.

NFT
NFT: Image from BeInCrypto.com

With artists turning heads on Spotify in February following the Joe Rogan controversy, it is now up to independent streaming platforms to take responsibility and provide protection for those who want to continue releasing their music on their terms. To date, artists such as Neil Young, Crosby, Stills & Nash, Joni Mitchell, Nils Lofgren and many others have already left the platform.

“We’re seeing more and more artists leave Spotify, big record labels, and their very complex and lengthy benchmark deals. Artists want to become independent and have their own creative freedom. Therefore, we believe that NFTs and streaming music on chains with token rewards tied to pay-streams are the next frontier. which is already emerging and paving the way. We see huge potential in Web 3 and the Metaverse and are currently in talks with some Metaverse projects to integrate and stream our ROCKI blockchain music streaming service and music NFTs and make them playable in their Metaverse worlds.”

Not giving an opinion

All information on our website has been researched to the best of our knowledge and belief. Press contributions are for general information purposes only. Any action taken by the reader based on the information on our website is entirely at his or her own risk.

Leave a Comment