With the return of LimeWire, the creative industries could finally be on track to curb copyright infringement and intellectual property theft. New innovative Web3 music streaming platforms and communities are emerging.
In March 2022, the well-known peer-to-peer (P2P) file-sharing platform LimeWire announced its comeback. The platform now maintains an NFT marketplace.
On March 9, 2022, LimeWire unveiled a new website and a new corporate vision. The company starts back in the music industry with a new version of the music platform, a new image and an influential advisory board. Panelists include Tareef Michael (Wu-Tang Clan manager), former Def Jam A&R Pedro Genao and HERE manager Jeanine McLean-Williams.
The story of LimeWire
LimeWire, started in 2000 by Mark Gorton, enjoyed great popularity. The platform became an important source for pirated music and movie files.
Ten years later, a judge ruled in the numerous copyright infringement lawsuits that the platform had struggled with. In October 2011, LimeWire finally closed, and Gorton settled out of court for $ 105 million with a comprehensive list of major record companies, including the Recording Industry Association of America (RIAA).
After LimeWire closed, piracy dropped from 16% (end of 2007) to 9% (end of 2010). The average number of music files downloaded from other P2P networks after LimeWire’s shutdown dropped from 35 tracks per second. person in the 4th quarter of 2007 to only 18 numbers in the 4th quarter of 2010.
In May 2022, the Austrian entrepreneurial brothers Julian and Paul Zehetmayr bought LimeWire’s intellectual property. With a new team and advisory board, LimeWire aims to lead the NFT boom and leave the past behind. LimeWire aims to be an innovative platform that introduces new artists and creatives.
NFT technology for music
In February, Be[In]Crypto at ETHDenver together with the pioneer of the Web 3 music platform Myx. Myx enables Web 3 artists to take control of their music distribution. The company believes that Web 3 will offer a solution against intellectual property theft through the decentralized file storage system IPFS. A Myx manager explained Be[In]Crypto:
“Audio files can finally be encrypted and stored securely across a network of notes. It’s the most modern way to back up your files on music platforms right now.”
In addition, the manager also addressed the Audius platform and its current difficulties: “Many of the artists who have joined our platform since the beginning of February have expressed their displeasure with Audius because the platform announces that they support streaming artists for a fee, “But in fact it does not. Royal, on the other hand, does something similar to what we do. The difference is that at Royal, the artists receive investment from the fans and at the same time share in the streaming revenue on the Web 2 platforms.”
Transparency and reasonable profits
However, the mechanisms that many platforms use to advertise are “extremely opaque”, according to the CEO. “The teams want to build a streaming platform where all streaming revenue is on one chain that all investors can see and trust.”
The platform is currently in the soft launch phase and is expected to be listed in the second quarter of this year. There are currently over 200 artists on the platform, most of whom are considered early Web 3 base artists, including Harrison Fir $ t, Dyln and fifirong.
Fans can invest and earn with their favorite artists through the platform’s Pods feature. Several music owners can thus collaborate and jointly benefit from the economy and management of that music. For example, all tracks in a pod will generate revenue when streamed on Myx. All owners of the pod token (media shares) receive the earnings in proportion to their pod share.
The first music NFT platform on Binance Smart Chain
ROCKI is another music NFT platform founded at the end of 2020 by the Swedish DJ and industry veteran Bjørn Niclas. The platform offers both royalty NFTs and music NFTs in the form of limited collectibles. She has a similar approach to Aoki. In a statement in February, Bjørn Niclas told Be[In]Crypto at NFT LA.
“This is a truly remarkable proof of where music is heading, and Web3 seems to be the hopeful solution. By the end of March, artists at ROCKI had mined and sold over 2,000 music NFTs on the platform. “
According to Niclas, these artists are expected to make more money on a single music NFT release than they do in a year on major streaming services. In 2020, Israeli DJ and producer Guy J sold 50% of the license rights to his exclusive number Cotton Eyes at ROCKI for 40 ETH (approximately $ 24,000 at the time) after the NFT auction.
Since its debut in 2020, more than 30,000 tracks from thousands of independent artists have been uploaded to the platform. In April 2021, ROCKI also announced its partnership with Binance Smart Chain. ROCKI thus became the industry’s first music platform on Binance Smart Chain.
Niclas explained that due to the scalability, low transaction costs and development support from BSC, the partnership is important not only to support an artist-friendly streaming platform, but also to build a “more viable, robust and sustainable” music industry.
With artists turning their backs on Spotify in February following the Joe Rogan controversy, it’s now up to the independent streaming platforms to take responsibility and offer protection to those who want to continue releasing their music on their terms. So far, artists like Neil Young, Crosby, Stills & Nash, Joni Mitchell, Nils Lofgren and many others have already left the platform.
“We are seeing more and more artists leave Spotify and the big record companies and their overly complicated and long record deals. The artists want to become independent and have their own creative freedom. Therefore, we believe that music NFTs and music streaming on chains with token rewards linked to stream payments is the next frontier that is already emerging and paving the way. We see great potential in Web 3 and Metaverse and are currently in negotiations with some Metaverse projects to integrate our ROCKI blockchain music streaming service and music NFTs and make them playable in their Metaverse worlds and for streaming. “
All information contained on our website has been examined to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information on our website is entirely at your own risk.