Universal Music Group doubles down on NFTs for musicians
The partnership will provide all Universal Music Group artists access to the LimeWire collectibles marketplace
By Shashank Bhardwaj
Universal Music Group, the world's largest music label, has partnered with LimeWire, a music digital collectibles marketplace and NFT licensing platform, to help artists promote their music using NFTs. Based in the Netherlands, the label giant is home to over a hundred music labels, brands, and well-known musicians.
According to Universal Music Group, the collaboration would allow artists signed to Universal Music Group and its numerous imprint labels to launch tokenized virtual collectibles through the LimeWire marketplace, which is set to launch soon. Artists affiliated with the music label group will also be able to sell audio and audiovisual content, artwork, bonus tracks, backstage footage, and other content as NFTs on the marketplace.
In a statement announcing the partnership with LimeWire, Universal Music said: “Using LimeWire, artists signed to UMG can now offer audio recordings, audiovisual content, backstage footage and any artwork and images as NFTs on the LimeWire marketplace and sell them directly to fans and collectors. Musicians can release bonus tracks and exclusive material, sell uncut or backstage content, and much more.”
Holger Christoph, Universal Music Group’s Senior Vice President of Digital Business, Central Europe said, “Universal Music Group and our labels are fully embracing the exciting Web3 space and will work with our new partner LimeWire, our artists and their communities on engaging NFT projects with real utility and creating cool experiences for fans, while allowing mainstream consumers to participate in a safe and trusted environment with low entry barriers.”
The collaboration, according to LimeWire CEOs Paul and Julian Zehetmayr, proved the music industry's rapid adoption of Web3 technology. The company will not only supply the technology and marketplace integration but will also manage credit card payments, gas fees, and technical issues associated with customers' use of NFTs.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
Crypto wallet users are warned as scammers might get active during the potential Ethereum hard fork