Universal Music Group announced partnership with the NFT trading platform – Bits Media

One of the world's largest music labels Universal Music Group plans to release NFT in cooperation with Limewire.

Universal Music Group has concluded a partnership with the Limewire Music Exchange Service, which in March this year announced, what will be restarted as a platform for Algorand blockchain -based trade. The deal will allow artists, working with the label, release your own digital collecting items.

UNIVERSAL MUSIC Group is working such as The Rolling Stones, The Weeknd, U2, Taylor Swift, Elton John and others. Limewire transaction does not mean, that they all will definitely release their NFT, However, they will have such an opportunity. Besides, American label collaborates with other studios, such as Motown Records, Fits, Interscope Records и Def Jam Records. Probably, They will also have access to the creation of their digital items.

Limewire was previously a music exchange service, But recently, two technological entrepreneurs Paul and Julian Zehatmayra bought it, to develop in the direction of Web3. The service will be restarted as a NFT trading platform, focused on musical assets. It can be purchased on it as real musical works, so works of art and collecting items, created by musicians.

Limewire plans to start an official campaign to launch at the end of this month and soon after that open the platform itself. In April, the company managed to attract $10.4 Milln financing during the sale of tokens. Companies such as Kraken Ventures participated in financing, GST, Crypto.com Capital and others.

Earlier, the South Korean musical platform Koong World received a patent for the use of blockchain and NFT to protect copyright.