The once-popular and now discontinued file-sharing platform Limewire is returning after shutting down in 2010. However, rather than provide access to copyrighted music files and movies, the new Limewire aims to launch a marketplace dedicated to non-fungible token (NFT) technology.
Limewire Plans to Return With an NFT Marketplace Platform
Limewire plans to return from the ashes this May as the new owners of the defunct file-sharing website’s intellectual property (IP) have plans to turn the platform into a non-fungible token (NFT) marketplace. Austrian brothers Julian and Paul Zehetmayr own Limewire’s IP and the two have explained to the press that they have been working on the platform in stealth mode. In its heyday, Limewire was almost as big as the discontinued file-sharing platform Napster and Limewire software was downloaded by millions of individuals worldwide.
Limewire went under after Napster’s fall, when U.S. federal court judge Kimba Wood issued an injunction on October 26, 2010, against Limewire. The injunction stemmed from the record companies’ pressure and more specifically, the court case Arista Records LLC v. Lime Group LLC. The Zehetmayr brothers bought Lime Group’s rights last year and the service will still have a focus on music. Speaking with CNBC, Julian Zehetmayr said the team has worked with Wyre and NFT prices from the market will be listed in USD.
NFT fans looking to purchase NFTs from the Limewire platform will be able to use a credit card as Limewire has inked a partnership with the payment processor Wyre. Zehetmayr also told the press that the company’s advisory board includes Tareef Michael, manager of the group Wu-Tang Clan. “The issue with the NFT market is that most platforms are decentralized,” Zehetmayr said during his interview. The Limewire executive added:
If you look at bitcoin, all the exchanges are making it really easy to buy, trade, and sell bitcoin. There’s no one really doing the same in the NFT space.
Leveraging Limewire’s Mainstream Brand
The Zehetmayr brothers told CNBC that they raised funds through previous ventures and Limewire has been funded by them entirely. The duo is considering venture capital funding this year and plans to launch a Limewire-centric token. The crypto asset will be sold to investors at first and then the team will have a public sale following the private sale. The Zehetmayr brothers wholeheartedly believe they have a well-known brand.
“We’ve obviously got this great mainstream brand that everybody’s nostalgic about,” Julian Zehetmayr concluded. “We thought we needed to build a real mainstream user experience as well.”