LimeWire Taps Algorand Blockchain for Relaunch of Digital Marketplace

The Algorand blockchain will lay the foundation for the LimeWire digital marketplace that will become a one-stop shop for artists and users alike to interact.

LimeWire Returns

‍LimeWire is making a comeback and it is tapping the Algorand blockchain to support the relaunch of the digital collectibles marketplace.

The marketplace will focus on digital art and  entertainment with an initial focus on music. According to the press release, Limewire plans to launch a token sometime in late 2022 that will provide holders with:

“exclusive community access, voting mechanisms, and a reward system for token holders”.  

The release goes on to specify that the intention will be to create a “one-stop marketplace for artists and fans alike to create, buy and trade digital collectibles without the technical hurdles of the current NFT landscape. The company aims to bring digital collectibles to the mainstream and onboard one million users within the first year through partnerships with major artists in the music industry”.  

The platform is expected to be highly user friendly with an easy onboarding process and items denominated in the US dollar. Adding to the user friendliness will be the purchase feature that will allow users to pay with their traditional credit cards, bank transfers and other fiat methods. This is a product of a partnership with Wyre, a payment platform. “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,” says Paul Zehetmayr, LimeWire Co-CEO.

He went on to note “there are big players on the market already, but the entry barrier is still too big to allow for mainstream adoption”. 

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‍Energy Efficient‍

The partnership sees the Algorand blockchain laying the foundation for the market place. In an effort to curb costs and be more energy efficient, the Algorand blockchain will offer speedier transactions and of course, the all important cross-chain connection to Ethereum and Polygon.

“We are excited to see LimeWire launching on the Algorand blockchain and see massive potential for them to take music collectibles by storm,” says 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”. 

There is a growing trend for blockchain technology among artists and content creators looking to retain ownership and profits over their work. The LimeWire marketplace is set to release this May 2022 and is expected to roll out some big names in the music industry. Small to mid-sized artists who want to be a part of the platform at the ground level can use the LimeWire waitlist page. 

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What Is LimeWire?

LimeWire is a digital collectibles marketplace for music and the broader art and entertainment space. The company is opening up the collectibles market to the mainstream by drastically improving user experience, offering credit card payments and handling gas fees as well as technical hurdles on behalf of its users, while at the same time leveraging all the benefits of Web3.

What Is Algorand?

Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for DeFi, financial institutions, and governments to smoothly transition into FutureFi. For more information, visit www.algorand.com. 

Source : bsc.news