LimeWire is going from P2P to NFT as it plans a comeback in May
LimeWireplans to launch a marketplace for non-fungible tokens in May this year.
- The infamous P2P platform was a rage in the 2000s before being shut down by US courts for facilitating copyright infringement.
- LimeWire’s new
NFTavatar includes the Wu-Tang Clanand H.E.R.on its board of advisors.
AdvertisementLimeWire, the go to peer-to-peer (P2P) platform for 90’s kids looking to download movies, movies, games and software, is looking to make a comeback at a marketplace for non-fungible tokens (NFTs) in May this year.
The infamous platform, asked to shut down over a decade ago by US Courts for facilitating copyright infringement, plans on creating a legitimate iteration of itself this time around
The Zehetmayr brothers, Paul and Julian, who have founded other companies like Eversign, Apilayer, Stack Holdings and others will be at the forefront of LimeWire’s makeover as it seeks to capitalise on the hype around NFTs.
Making NFTs mainstream
So far, most NFT marketplaces only allow users to conduct transactions using cryptocurrencies whether than Ether, Ronin, Polygon or the plethora of options out there. In contrast, LimeWire plans to allow users to buy NFTs not just in crypto, but also fiat currency in partnership with Wyre — a payments system to convert normal currencies into crypto tokens.
The underlying aim is that users won’t have to figure out how to set up a cryptocurrency wallet or buy tokens on their own in order to buy an NFT. They will be able to make payments by simply using their credit or debit card, making the NFT marketplace more accessible to users who aren’t necessarily familiar with the crypto universe.
Is it really a LimeWire comeback?
The new iteration of LimeWire has little in common with the old. The management is different, led by the Zehetmayr brothers, Paul and Julian. The board of advisors includes the Wu-Tang Clan and H.E.R.
Rather than facilitating illegal downloads where artists get ripped off, the plan is to have a place where musicians can actually sell their music. According to the founders, most of the revenue will go to the artists with only a small cut coming back to the company.
However, the NFT marketplace is yet to cement its position as being legitimate. Critics have claimed that the entire NFT ecosystem is nothing more than a scam where overpriced digital files are exchanged, whether that’s images, music or videos.
As of right now, the project is being funded by the Zehetmayr duo. The company may seek outside funding sometime later this year.
The reuse of the name LimeWire is mostly for visibility, according to the founders The name drums nostalgia in the hearts of users for whom LimeWire was the first P2P platform ever. “It’s a very iconic name,” Julian Zehetmayr told Bloomberg in an interview.
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