Yes, it’s probably the same LimeWire you’re thinking of. What was once a popular P2P file-sharing website (notoriously used for pirating music, movies, etc.) is now launching an NFT marketplace on July 1, 2022. According to BBC News, LimeWire had to pay a total of $105m in settlement due to “aid[ing] others in downloading pirated music” on a significantly large scale back in 2010 and 2011. Consequently, LimeWire had to discontinue its service(s) since the company was “banned from letting people search, download, upload or trade files using the program.”
On LimeWire’s official Twitter page, it’s stated that “LimeWire is [now] returning as a platform for [the] artists” as opposed to being against them.
Furthermore, “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.” Similar to its competitor, OpenSea, LimeWire’s NFT marketplace can be used to purchase and sell digital collectibles that are art and entertainment based. What’s different is that instead of being built on the Ethereum blockchain, LimeWire has opted to partner with Algorand.
Why Algorand?
There are several reasons why Algorand is LimeWire’s official blockchain partner. As most of us know, more brands and organizations are placing a larger emphasis on the environment; and LimeWire is no exception. According to Algorand’s website, the blockchain has been carbon-negative since 2021. With such high energy-efficiency clean technology, Algorand can be fast, secure, and scale exceptionally well (which is ideal for NFTs).
What are we looking forward to? The company will be creating its own native token, $LMWR, and will launch in Q4 2022. More details about future events are available on their official roadmap. Also, members in the top 10,000 waitlist inviters are expected to be airdropped with an exclusive Soulja Boy NFT heading into the launch.
