Who remembers LimeWire, the now-defunct peer-to-peer file-sharing service that ruled the early 2000s? Back in its heyday, Limewire had more than 50 million monthly active users. But things changed in 2010, when the filesharing website was shut down by U.S. federal court after a four-year legal battle.

For those who are still nostalgic about the place you downloaded your first MP3, you’re not alone.

Considering the rebellious nature of the platform, perhaps it makes perfect sense that LimeWire is now being resurrected on the blockchain. And after months of teasing a tokenized offer, the new iteration of the iconic peer-to-peer service has finally been revealed. But it’s vastly different than what you might remember.

The new LimeWire

It’s safe to say that LimeWire has undergone significant transformations since its inception in May 2000. After being shut down in October 2011, the legacy platform appeared to have been in limbo until the brand rights were acquired by Austrian brothers and businessmen Julian and Paul Zehetmayr in 2021.

During the initial NFT boom, the two undoubtedly saw the parallel between the defiant, peer-to-peer NFT culture and that of peak LimeWire before settling on plans to bring the brand onto the blockchain as an NFT marketplace. Now, the “new LimeWire” has emerged to help reinvent how fans and artists share content and interact with each other.

So, what is this latest version of the defunct service? In essence, as explained on the LimeWire website, the new LimeWire is “a platform for content creators, artists, and brands to create membership-based communities for their most passionate fans.” But how?

It all has to do with community.

The new LimeWire aims to help content creators build recurring revenue streams by providing a platform and framework for direct fan membership. In turn, fans will receive access to exclusive content, a private community, the ability to directly communicate with artists and brands they patronize, and become a part of their journey.

If it sounds sort of like an NFT fan club to you, you’re on the right track. Essentially, LimeWire will act as a Web3 subscription platform for community building. And this platform will be catered toward music creators and consumers.

“The new LimeWire, initially relaunched in mid-2022 as a marketplace to buy, sell and trade digital collectibles, has now evolved into a fully-fledged membership platform,” the LimeWire website explains. “Through blockchain technology, we make exclusive content and assets ownable and tradeable, allowing fans to not only consume exclusive content but also to participate directly in the success of the creators they support.”

All things considered, the new LimeWire venture could prove to be a solid Web3 brand integration. And considering that community building has anecdotally been the duty of creators and collectors — and one that has existed halfway between Twitter, Discord, and various NFT marketplaces — the benefits of this, what almost feels to be a sort of Web3-powered Patreon, seems undeniable.

The LimeWire token

But what is the plan, exactly, for LimeWire to ground itself on the blockchain?

To better fuse with the sensibilities of Web3, the Zehetmayr brothers opted to move away from NFTs (at least for the moment) and recenter on another prominent facet of the blockchain — crypto. To do so, they set out to offer a community token that would essentially fund the new LimeWire platform and act as the lifeblood of the ecosystem.

In the form of an Ethereum-based ERC-20 utility token, LMWR is said to be deeply embedded into the LimeWire ecosystem, designed to be of benefit to holders while enhancing the user experience across the platform. And with the LimeWire token public sale, which launched on May 2, 2023, the dissemination of one billion tokens to Web3 community members (and undoubtedly some general investors) will likely hold enough weight to act as a catalyst for something innovative to come.

In fact, within the first 2 hours of the LMWR public sale, Limewire raised more than $2 million.

Next comes the question of what the LMWR token might actually be used for. Although it is not directly comparable to tokens like ApeCoin or $FWB, users can consider the utility of the token as akin to that of offerings in the same vein. That is to say that, as a community and utility token, it will likely be of value and significance in everything that LimeWire does from here on out — especially when it comes to the fan-artist economy.

For enthusiasts who find the prospect of being part of the blockchain-powered inner circle of LimeWire participants such as Elijah Blake, Cheat Codes, Soulja Boy, and Slushii alluring, investing in LMWR when it becomes tradable on various crypto exchanges could be a good move. But for those that might be skeptical of yet another legacy brand being resurrected in Web3, the classic crypto strategy of waiting and watching is also a solid choice.

The post $LMWR? LimeWire Is Back From the Dead As a Web3 Brand appeared first on nft now.