March 12, 2022
File-sharing site LimeWire relaunches as NFT marketplace
by Christopher Hutton, Breaking News Reporter
WashingtonExaminer.com
A website known for its music piracy past is adapting to the blockchain-focused future.
Limewire, a file-sharing website best known for letting users share MP3s in the 2000s, has relaunched with an implicit focus on the blockchain and nonfungible tokens.
The service will relaunch in May as a more accessible and centralized NFT marketplace.
"The issue with the NFT market is that most platforms are decentralized," LimeWire cofounder Julian Zehetmayr told CNBC on Wednesday. "If you look at Bitcoin, all the exchanges are making it really easy to buy, trade, and sell bitcoin. There's no one really doing the same in the NFT space."
The LimeWire intellectual property was purchased by Julian and his brother Paul Zehetmayr in 2021, who claim that the LimeWire title offers them "this great mainstream brand that everybody's nostalgic about." They intend to offer music-focused NFTs, including limited editions, unreleased demos, and digital merchandise. The Zehetmayrs also plan to launch a LimeWire token, which will be sold to investors before its open sale on the blockchain.
Originally invented in 2000 by Mark Gorton, Limewire was one of the earliest peer-to-peer file-sharing websites. Users used it to share an assortment of MP3s, driving several legislators and regulators to investigate the market of music pirating. A court ruled in 2010 that Gorton had committed copyright infringement, engaged in unfair competition, and induced others to commit copyright infringement. The judge then ordered LimeWire to disable its downloading and file-sharing functionality.
The Recording Industry Association of America announced its intent to sue LimeWire in 2011, alleging statutory damages up to $72 trillion. The case was settled when Gorton agreed to pay 13 record companies $105 million.
NFTs are a quickly growing part of the cryptocurrency market. Ukrainian officials announced on Thursday it was issuing NFTs to help fund its military efforts. The conservative social network Parler also announced its interest in launching its own NFT marketplace, including a series of Trump-themed NFTs.
http://www.washingtonexaminer.com/news/file-sharing-site-limewire-relaunches-as-nft-marketplace
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