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- Well liked P2P file sharing service LimeWire will revive from its ashes on the blockchain. According to a press release, project will rerelease as an NFT marketplace operating on Algorand.
- This project will allow content creators, in general musicians, to release virtual assets so fans are able to acquire, sell and trade them seamlessly.
- As per the new release, latest LimeWire will be a hybrid project. Created to integrate best notions of Web2 platforms with Web3 perks.
LimeWire Comes Alive, Again!!!
LimeWire, a P2P file sharing facility will coming in alive again on blockchain. According to press release, project will rerelease as a n on-fungible token marketplace operating on Algorand.
LimeWire has chosen this network, the launch claims, because of Algorand’s claimed power consumption levels that renders them blockchain of choice for power efficient NFT marketplaces.
Network will offer a scalable platform with cheap transactions, and an ETH-MATIC bridge.
As LimeWire formerly reported, platform is going to back its marketplace via its own indigenous token dubbed LMWR. Additionally, capability to transact with LimeWire NFTs, users will supposedly have accessibility to exclusive community, voting rights and accessibility to a reward system.
Platform will allow content creators, initially music artists to release virtual assets so folks can trade, acquire and sell them without and technical obstacles of alternatives. In this way, LimeWire makes attempts to put crowd on deck by providing them a distinct experience, and accessibility to distinct items, from their beloved artists.
As per press release, collectors and music fans will be allowed to acquire and trade music-associated assets in in vast quantity, like virtual merchandise, exclusive live versions, graphical artwork, unreleased demos, pre-launched music, and limited editions and backstage content.
Platform is going to place a specific focus on folks without technical expertise or those folks unfamiliar with crypto and virtual assets. Thus, “noobs” or “newbies” will be major target audience for their rebrand.
The latest LimeWire platform will allow users by going through a simple registration method with flawless KYC. In addition, products will be valued in USD, and folks will not be obligated to establish a cryptocurrency wallet from get-go.
For completing that goal, folks will be able to acquire virtual assets through their credit cards, via bank transactions, as well as with other conventional payment processes.
LimeWire also claims to consolidate a collaboration with Wyre to offer these services.
Calling On “Noobs”
The latest LimeWire as per a news release, is going to be a hybrid platform. Innovated to integrate best notions of Web2 platforms with potential and perks from Web3. LimeWire CEO Paul Zehetmayr stated that, greatest obstacle with virtual collectives and wider cryptocurrency market in common is that it is actually restricted to a minor cluster of savvy users.
He added, there are prominent players on market already, but obstacle for entry is large enough to enable mainstream adoption.
LimeWire market place is set to be released in May this year.
As of this writing, ALGO was trading at a market value of $0.6838, down by 1.77% in previous 24 hours.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
