LimeWire Selects Algorand Blockchain to Support Digital Marketplace
Many know LimeWire from the music downloading craze during the early 2000s. The growth of streaming slowed the download boom, and LimeWire transitioned to another popular craze: digital collectables.
LimeWire selected Algorand blockchain to support the company’s digital collectable marketplace, which is relaunching in May of this year. Additionally, LimeWire also intends to use Algorand’s blockchain to develop its own token to enable customers to join exclusive access campaigns, reward programs, and participate in voting.
"We are excited to see LimeWire launching on the Algorand blockchain and see massive potential for them to take the music collectibles market by storm,” commented Steven Kokinos, Algorand CEO, “The interest for digital collectibles will only be growing and we are eager to support a global brand like LimeWire entering into the space to help open up the market to the mainstream."
LimeWire’s digital marketplace will largely be focused on music and entertainment, allowing fans to purchase artwork, music demos, limited editions of songs/albums, backstage content, and more. The company intends to make the marketplace a premier destination for digital collectables, while also offering an intuitive platform for those who are unfamiliar with NFTs and digital ownership.
Crypto currencies and digital wallets are not required to join Limewire’s digital marketplace. Fans can make purchases with traditional methods, such as credit card payments or bank transfers, with support from payment platform Wyre.
"The biggest challenge with digital collectibles and the broader crypto market in general is that it's really limited to a small group of savvy users. We want to remove all those obstacles and make it easy for people to participate, while at the same time offering an exciting platform for crypto natives," noted Paul Zehetmayr, LimeWire Co-CEO
Edited by Maurice Nagle
