Universal Music Group, a notable music organization, has been bitten by the NFT bug in recent times as it has entered into a strategic partnership with Limewire. Limewire is a digital collectibles marketplace that hosts NFTs from both regular creators and celebrities.
As a popular music organization, Universal Music Group oversees the management of some famous musicians. The partnership means that it will grant Limewire the necessary license to create music NFTs.
The aim of this partnership is to improve the consumption of music NFT by a global audience.
Before Limewire is permitted to create music NFT, it has to work with the underlying musician. In this case, the partnership allows it to mint NFTs in collaboration with artists under the Universal Music Group.
According to a press release, both companies are interested in creating digital music collectibles and introducing them to a broader audience.
As part of the partnerships, musicians that are signed to UMG can decide to utilize the tools on Limewire to mint their music NFTs and sell them on the marketplace. With the growth of the NFT space, this feature allows artists to have an additional stream of income and extra means of interacting with their fans.
With this partnership, every UMG-linked NFT project will be done via Limewire.
According to Paul and Julian Zehetmayr, the co-CEOs of Limewire,
"We see this partnership as a true demonstration of the pace at which the music industry is embracing Web3. We're thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can't wait to see the first creative projects being launched on the marketplace."
Jonathan Dworkin, the EVP, Digital Business Development and Strategy at Universal Music Group, commented on the partnership,
"Now, NFTs are providing an exciting vehicle to enhance this connection between artists and audiences. This is why we are delighted to have partnered with LimeWire, who is focused on guiding everyday users into this expansive arena, in this new era of Web3 engagement and music appreciation."