Universal Music to Release NFTs on Algorand’s LimeWire Marketplace
Taylor Swift Can Now Release NFTs on LimeWire
According to an official press release, Algorand-based NFT marketplace LimeWire has struck its first major music label partnership with Universal Music Group (UMG) to release artists’ NFTs on the marketplace.
UMG artists such as The Weekend, Taylor Swift, Kendrick Lamar, U2, and BTS can now choose to release exclusive behind-the-scenes clips, exclusive never-before-released songs, or even artworks, among other things, through the marketplace.
“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,” Paul and Julian Zehetmayr, LimeWire Co-CEOs said in the announcement release.
Major Music Labels Foraying Into Web3
This isn’t Universal’s first move into Web3. In November, UMG’s 10:22 PM label announced the launch of Kingship, a virtual band based on a series of Bored Ape Yacht Club NFTs. The band will perform in metaverse worlds and sell its own NFTs too.
Meanwhile, rival Warner Music Group signed a partnership with metaverse game The Sandbox in January. The label, which houses artists like Ed Sheeran, will develop virtual land in The Sandbox’s game world and host concerts within the space.