Universal Music Group Is Ready To Launch NFTs With Limewire

Universal Music Group Is Ready To Launch NFTs With Limewire

NFTs will be released on LimeWire’s Algorand marketplace by Universal Music Group (UMG). This union will allow UMG contract artists to post their NFTs.

LimeWire made headlines after earning $10.4 million in a private LMWR token sale and launched its own music-focused NFT marketplace on Algorand.

LimeWire, a former peer-to-peer file-sharing platform that was recently resurrected as a collectible digital marketplace, has signed a global contract with Universal Music Group (UMG) to offer its artists’ digital collectibles to global audiences via non-fungible tokens (NFTs).

This partnership will enable major artists to produce encrypted digital treasures of their audiovisual content, according to UMG, a nearly 90-year-old firm. It also offers extra tunes, uncut film, and other artwork or photographs as NFTs for fans and collectors all around the world to purchase.

Universal Music Group has long respected its artists’ inventiveness as well as their fans’ desire to interact in novel ways. NFTs are now an exciting instrument for strengthening the bond between artists and audiences.

Maroon 5, BTS, Shawn Mendes, Drake, The Weeknd, and many other A-listers are managed by UMG. It also made news earlier this month with the release of ‘Kingship,’ a band of four Bored Ape NFT characters, under its new Web 3.0 label.

The music streaming service Spotify is looking into incorporating NFT galleries into musician profiles.

ShibBurn is a new token-burning tool developed by Shiba Inu’s developer team. Users that choose to burn a specific amount of SHIB coins are rewarded on the website.

When a user delivers SHIB coins to a dead wallet, the meme cryptocurrency is burnt and removed from circulation. In a nutshell, the Shib Army’s major goals in encouraging such behavior are to raise market prices and create demand for coinage.

ShibBurn.com experienced a nearly 800 percent increase in tokens burned. That has been the most successful day in the history of the flaming portal in the crypto industry.

Shiba Inu’s social following has surpassed that of rival Dogecoin, indicating that Shiba may have a chance to survive the ongoing crypto crisis.

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