(UMG) and will collaborate on making digital music collectibles accessible to a wider audience. UMG artists, as well as many of its record labels including: Interscope Records, Republic Records, Def Jam Recordings, Capitol Records, Motown Records, Geffen, EMI, Virgin Music and more, will be able to leverage the LimeWire marketplace as an additional platform to explore unique ways to engage with fans through digital music collectibles and Web3, and generate new revenue streams. As part of this partnership, UMG will provide licenses that will allow LimeWire to partner with UMG artists in order to launch innovative, music-based NFT projects utilizing the LimeWire marketplace.
In March, LimeWire announced it is relaunching later this year as a mainstream-ready digital collectibles marketplace for art and entertainment, initially focusing on music. It will
“We see this partnership as a true demonstration of the pace at which the music industry is embracing Web3," say Paul and Julian Zehetmayr, co-chief executive officers, LimeWire. "We're thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t wait to see the first creative projects being launched on the marketplace.”
Using LimeWire, artists signed to UMG can offer audio recordings, audiovisual content, backstage footage and any artwork and images asNFT
s on the LimeWire marketplace and sell them directly to fans and collectors. Musicians can release bonus tracks and exclusive material, sell uncut or backstage content and much more.
“Universal Music Group has always prioritized its artists’ creativity and valued fans’ desire to engage in innovative new ways,” says Jonathan Dworkin, executive vice president, digital business development and strategy, Universal Music Group. “Now, NFTs are providing an exciting vehicle to enhance this connection between artists and audiences. This is why we are delighted to have partnered with LimeWire, who is focused on guiding everyday users into this expansive arena, in this new era of Web3 engagement and music appreciation.”
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