Why LimeWire Chose Algorand For Its Comeback
March 14 2022 - 6:00PM
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Popular peer-to-peer file sharing service LimeWire will make a
comeback on the blockchain. Per a press release, the platform will
relaunch as a non-fungible token (NFT) marketplace running on
Algorand. Related Reading | Algorand Blockchain Has Grown 35% In Q1
2022 LimeWire has selected this network, the release claims, due to
Algorand’s alleged energy consumption levels which make them the
blockchain “of choice for energy efficient NFT marketplaces”. The
network will provide with a scalable platform with low-cost
transactions, and an Ethereum-Polygon bridge. As LimeWire
previously reported, the platform will support its marketplace with
its own native token called LMWR. In addition to the capacity to
transact with LimeWire NFTs, user will allegedly have access to
“exclusive community”, voting rights, and access to a reward
system. The platform will let content creators, initially
musicians, to launch digital assets so fans can buy, sell, and
trade them without the “technical hurdles” of alternatives. In that
way, LimeWire attempts to onboard users by offering them a unique
experience, and access to unique items, from their favorite
artists. The press release claims: Music fans and collectors will
be able to buy and trade a variety of music-related assets, such as
limited editions, pre-release music, unreleased demos, graphical
artwork, exclusive live versions, as well as digital merchandise
and backstage content. The platform will place a special focus on
users without technical expertise or those people unfamiliar with
cryptocurrencies and digital assets. Thus, the “newbies” or “noobs”
will be the main target audience for this re-brand. The new
LimeWire platform will let users trade by completing an “easy”
registration process with “seamless KYC”. As a bonus, items will be
priced in U.S. dollars, and users won’t be obligated to set up a
crypto wallet from the get-go. In order to complete that objective,
users will be able to purchase the digital assets with their credit
cards, via bank transfer, and with other traditional payment
methods. LimeWire claims to have consolidate a partnership with
Wyre to provide this services. LimeWire Calls On “Noobs” To
Leverage Crypto The new LimeWire, according to the release, will be
a hybrid platform. Created to combine the best aspect of Web2
platforms with the potential and benefits from Web3. Paul
Zehetmayr, LimeWire Co-CEO, said the following on the recent
announcement: The biggest challenge with digital collectibles and
the broader crypto market in general is that it’s really limited to
a small group of savvy users. There are big players on the market
already, but the entry barrier is still too big to allow for
mainstream adoption. In addition to the traditional payment
methods, users will be able to use different cryptocurrencies to
purchase digital assets. Algorand CEO, Steven Kokinos said: We are
excited to see LimeWire launching on the Algorand blockchain and
see massive potential for them to take the music collectibles
market by storm. The interest for digital collectibles will only be
growing and we are eager to support a global brand like LimeWire
entering into the space to help open up the market to the
mainstream. The new LimeWire marketplace will be launch in May
2022, according to the press release. The platform promises a
“lineup of big names” for its market debut. Related Reading |
Algorand Foundation Names Former JP Morgan Executive as CEO, ALGO
Soars 10% At the time of writing, ALGO’s price trades at $0.68 with
a 2% loss in the past 24-hours.
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