John Paul M. Joaquin Tech 03.09.2022 08:Mar AM EST

Limewire Is Back From the Dead as an NFT Marketplace

Limewire, the popular file-sharing application in the early to late 2000s, has made a return to the Internet scene, according to a Reuters report.

However, it came back in the form of a non-fungible token (NFT) marketplace rather than its past incarnation as a file-sharing application.

Details on the New Limewire

Engadget's report mentioned that the company behind the once-popular file-sharing application is relaunching as a "mainstream-ready, digital collectibles marketplace for art and entertainment," with an initial focus on music.

The backers of the Lime Company, the operator of Limewire, believe that it will be a place for artists and fans to create and sell digital trinkets without the "technical hurdles of the current NFT landscape."

Although the company didn't specify how it would overcome these "technical hurdles," it does hope that it can partner with high-profile musicians to spread the word about Limewire's resurrection. The company hopes to get a million willing buyers to sign up before its first year ends.

Co-CEOs Paul and Julian Zhetmayr told Reuters that owning Limewire intellectual properties after 12 years of inactivity was "a complex process for the new team." Both CEOs also want to open up the gates for small, medium, and big artists with a lot of "moderation and curation."

"Limewire kind of laid the foundation for music streaming... it's a piece of internet legacy and we are thankful that we can turn it around at something for the music industry," Zehetmayr said, alluding to Limewire's history.

The new Limewire is reported to provide "NFT newbies" with the guarantee that they are well-catered for with easy signups, pricing in US dollars, and a lack of any crypto-based gatekeeping. Users of the new Limewire will have the ability to buy NFTs straight from their credit cards via Wyre's payment platform, which is also used by OpenSea.

OpenSea is one of, if not the most popular marketplaces to buy and sell NFTs online.

Additionally, the Lime Company is also reported to be working with "top-tier artists" from the music world who will create content for the platform and open lines of communication with willing fans.

Limewire's Controversial History

When it was still known as an app-sharing application, Limewire was the successor to Napster, another file-sharing service shut down in 2001 after two years in operation, per Mel Magazine.

Limewire took advantage of the vacuum Napster left behind, giving people another way of sharing files with others for free. The application was easy to use, with users only needing to search the song they wanted to download and click on the file they want to download without paying for anything, per Slide Bean.

Unfortunately, Limewire's operation was hurting the music industry, which was the one most affected by Limewire's operations. According to Forbes, the total amount of music collectively stolen on the application could be somewhere between billions of dollars and trillions due to the several million people using Limewire's services to collect all the music they wanted for free.

The Recording Industry Association of America (RIAA) even went after Limewire with a $75 trillion claim in damages at the end of Limewire's life as a file-sharing application.

However, Limewire was able to survive 10 years of legal battles due to Limewire's owner, Mark Gorton, forming relationships with music industry executives and doing his best to address any legally questionable areas in Limewire. The New York Times even reported that Gorton truly believed he was following the law the entire time.

As history shows us, that was not meant to last. A separate New York Times article reported that Judge Kimba M. Wood of the U.S. District Court in Manhattan ruled in favor of the RIAA and record labels. The ruling forced Limewire to cease operations in 2010.