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Universal Music Group has announced its partnership with LimeWire. The companies will focus on the digital music NFTs.
LimeWire is a marketplace for digital collectibles, relaunched in March 2022. The platform aims to be a mainstream-ready NFT marketplace with a focus on music. The Universal Music Group is a global music conglomerate that once would have tried to sue LimeWire, a once-popular piracy platform, into oblivion.
UMG will use LimeWire as its to-go NFT marketplace. The idea behind the partnership is to allow the artists and their crews to communicate with fans using digital music collectibles.
Universal Music Group is going to provide LimeWire licenses that would grant the latter access to partnerships with UMG artists. Singers and groups will be able to launch music-based NFT projects, as well as generate new revenue streams.
The scope of the collaboration for both is to launch innovative music-based NFT projects, based on the LimeWire platform.
Universal Music Group has been expanding its Web3 presence. Previously, the company filed four trademarks for the Bored Apes Yacht Club. They are now used as the frontmen of the Kingship music group, started by a Web3 label called “10:22 PM”.
In December 2021, the company also signed a contract with Genies, a metaverse avatar company.
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