The new marketplace will launch in May with an initial focus on music and related collectibles, under the leadership of serial tech entrepreneurs Paul and Julian Zehetmayr.
“We highly appreciate the strength and energy around the LimeWire brand and what it meant for a whole generation of people, and we could not be more excited to bring it back to life in the fast-moving world of digital collectibles, music, and entertainment,” the two brothers told Decrypt.
LimeWire, which was first launched in 2000 as a free music sharing platform, was forced to shut down its operations after a series of legal challenges from record label companies, which accused it of copyright infringement. However, the company’s new business model seeks to help artists earn money, allowing them to sell NFTs to their fans and followers.
“LimeWire is returning as a platform for artists, not against them,” the co-CEOs said.
“On LimeWire, the majority of the revenue will go directly to the artist, and we will be working with creators to allow full flexibility, ownership, and control when it comes to their content.”
The company has partnered with Wyre to accept various payment methods, including credit cards, bank transfers, and other fiat currencies. All NFTs on the platform will be priced in U.S. dollars.
The Zehetmayr brothers noted that the goal of LimeWire is to give fans a unique way to support artists and own unique recordings, demos, samples and tracks, and not to replace streaming music giants.
“We’ve seen across the industry that there is a hunger for taking back control and ownership, and we are here to make that happen for artists and creators,” the duo added. “We see NFTs as collectibles just like vinyl, and we believe the market needs a brand like LimeWire to take the concept of owning digital collectibles mainstream.”
