Universal Music Group Partners With LimeWire To Launch NFT Collectibles

The world’s largest music publisher Universal Music Group (UMG) has announced a partnership with digital collectibles marketplace LimeWire. The deal will enable LimeWire to offer its digital collectibles marketplace to several artists and record labels.

Chief Executive Officers of LimeWire, Julian and Paul Zehetmayr, stated that the latest partnership is another example that the music industry has opened its arms to Web3.

“We’re thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans,” they stated, adding that the company is eagerly waiting for the first launch of the projects on the marketplace.

Although the deal does not give the artists the sole obligation to release NFTs through LimeWire, they now have an option to do so. UGM boasts an impressive caliber of artists, which include The Roling Stones, Taylor Swift, The Weeknd, Chris Stapleton, U2, Kendrick Lamar, Abba, BTS, and Elton John.

LimeWire Sets To Relaunch As An NFT Marketplace

Earlier this year, Paul and Julian Zehetmayr announced that they are planning to relaunch LimeWire as an NFT marketplace.

The tech entrepreneurs want to concentrate on music-related assets, including artworks and collectibles from musicians. The company noted that the official campaign will be launched later this month before the launch of the marketplace.

Non-fungible tokens (NFTs) are increasingly getting popular within the sports and entertainment industry. They are digital proofs of ownership and can represent collectibles, music files, digital artwork, and lots more. The partnership between UGM and LimeWire will be seen as a welcome development for NFT and Web3 enthusiasts, as more organizations are interested in the industry. It will also enable LimeWire to get back into the limelight.

A Speedy Adoption Of Crypto In The Music Industry

The adoption of crypto by the world’s largest music publisher is a massive step ahead of the growth of the crypto and NFT industry.

The partnership will allow Universal Music Group artists to market tidbits, audio, images, award-winning tracks, artwork, audio, as well as audiovisual content. The move will boost the NFT marketplace, as NFT sales have been relatively quiet this year.

This is not the first time NFTs will be linked to the music industry. More musicians and music groups have entered the NFT space. King Lyon’s release of its NFT, which generated $2 million in sales, is one of the highlights of the role of NFTs in the music industry.