Remember filesharing service LimeWire? Of course you do. The free filesharing system enabled young kids and teens (and older, obviously) to download possibly sketchy versions of their favorite Linkin Park and nu-metal songs, and generally any music you could think of at the time. Originally disbanded in 2010 after a multi-million dollar suit was settled out of court, nostalgia is once against being sold to us on a silver platter.
According to an article from Bloomberg, brothers Paul and Julian Zehetmayr spent most of 2021 acquiring LimeWire’s various segments of branding, and apparently 10 “really big mainstream” artists are going to be a part of the rebranded LimeWire. Another notable fact here? It’s all being funded out of the Zehetmayr brothers’ own pockets.
Notably, the article also states “the majority of the revenue will also go to the artists with the platform taking a small cut for its curation”, co-founder Julian Zehetmayr said. The platform will also undergo legality checks and will be thoroughly vetted in general, mainly to avoid any repeat of its past mistakes. It’s also interesting that they’re choosing to go the NFT route, considering the backlash that many bands have experienced when launching their own.
The most important part of the article above explains just how the rebrand will work, saying:
LimeWire will debut with support for buying and trading music-related nonfungible tokens, such as exclusive songs, merchandise, graphical artworks and experiences like backstage content. The startup will also launch its own utility token via a private sale within the next three weeks, which Paul said would be used like a loyalty program.
Unlike other NFT marketplaces that transact predominantly in cryptocurrencies, all assets on LimeWire will be denominated in U.S. dollars so as to expand its marketability to mass audiences, with payment accepted in crypto or fiat currency. The platform will also offer Bitcoin and Ether wallets and custodial services for the tokens themselves, facilitated through a partnership with blockchain payments firm Wyre Inc.
Only time will tell what the brand’s relaunch will mean for bands, and if there’s anything to it past capturing the allure of fans of nostalgia. After all, of course, nostalgia does sell like hotcakes. It’s set to launch in May.
