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How Limewire is Making a Comeback in 2022 đź‘€

August 16, 2022

Last week, we talked about how Web3 will disrupt the creator economy by empowering creators to monetize beyond traditional social media platforms (yeah, Instagram, we, Kim and Kylie, and everyone and their mama basically, are talking to y’all). But at the end of the day, everyone wants a slice of that sweet creator economy pie, no matter the form of content that resides. 

So what media in the creator economy are we talking about this week?

Pictures? No. 

Videos? No.

6 second masterpieces that had us dying of laughter? No (but RIP Vine tho).

Today we’re talking about NFTs in music, and you wouldn’t believe who’s trying to take the AUX. 

Limewire launches their NFT Marketplace

Okay, let’s be honest here. We’re covering this news a few months late because we had to give it some time to make sure those infamous Limewire viruses weren’t going to mess up our computers LOL. In all seriousness though, this is an interesting move from one of the OG music downloading platforms from the 2000s.

Now for a little context for those who may have never heard of it, Limewire used to be “a peer-to-peer file-sharing program that allowed its users to download and upload music in the form of MP3 and other file formats.” In October 2010, the company was shut down because of a legal battle between them and the Recording Industry Association of America.

Fast forward to March 2022, when Limewire announced that they were officially back after two entrepreneurs in Austria bought the company and gave it what many consider a “crypto makeover.” According to their revamped website…

“LimeWire is back as an open music and entertainment NFT marketplace for creators and collectors.”

A few things stand out that are worth calling out about their approach:

  • Limited Collection NFTs: They’re placing emphasis on their "Originals", a limited collection of 10,000 original NFTs on the Ethereum blockchain. Ownership of one of these NFTs provide access to invite-only events, token rewards, and early access to artist and creator’s NFT drops.

  • Ease of Use: They want to appeal to a wider range of consumers by removing the need for a crypto wallet. Instead, potential buyers will be allowed to use credit card payments.

  • Cutting Down on Costs: Limewire will handle the NFT gas fees, or the fees required to compensate for the computational energy needed to process transactions when it comes to blockchain. A huge win for the consumer!

That’s cool and all, but are they walking the walk or just talking the talk? 

To say that LimeWire is doing the damn thing in the music NFTs might be a little bit of a stretch, BUT they are making some moves:

If that’s music to your ears (yes, pun very well intended), check out the rest of LimeWire’s strategic roadmap here.

Our thoughts on the biggest comeback of 2022

If they pull this off and become a big player in the Web3 space, this is arguably the biggest comeback of the year (maybe even decade?). For all the reasons listed above, it seems like they’re on the right path. However, we’re cautiously optimistic and are thinking through questions such as:

  • Will consumers (re: millennials) opt to use this platform because of the nostalgia it evokes, or do they have a negative connotation associated with the company?

  • How will Limewire compete against the current leading marketplaces, such as OpenSea?

What we know for a fact is that they are still an early entrant into the space, and they are spending a lot of resources on making this a user-centric experience, especially for those who are not Web3 native. It may have been a surprise to see the Limewire name pop into the headlines, but it seems like they’re building in the right direction.

Thanks for reading! ✌🏽

Contributors: Kendall Rankin, Chad Payne