Talent management firm Universal Music Group (UMG) has signed a partnership with non-fungible token (NFT) marketplace LimeWire. The project will enable UMG artists to sell audiovisual content, including audio recordings, backstage footage and artwork directly to fans and collectors.
UMG manages the copyrights for its artists’ content and will sell individual licenses to LimeWire to commercialize as digital collectibles. The revenue split between the artists, LimeWire, UMG, and digital content creators involved was not disclosed.
Founded in 2000, LimeWire was originally a peer-to-peer file-sharing website used to share music with over 50 million monthly users at its peak. The website’s popularity was so great that an NDP survey found that in 2009, 58% of people who downloaded music from peer-to-peer networks used LimeWire.
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