Universal Music Group to launch its own NFT tokens

One of the world’s largest music labels, Universal Music Group, plans to issue NFTs in cooperation with the LimeWire trading platform.

LimeWire is a music sharing service. In March of this year, its representatives announced that the project would receive a pivot and be relaunched as a marketplace for NFTs. Algorand was chosen as a blockchain platform.

Such artists as The Rolling Stones, The Weeknd, U2, Taylor Swift, Elton John, and others work with Universal Music Group. The agreement with LimeWire does not mean that all of them will definitely release their NFTs, but they will have the opportunity.

LimeWire plans to launch an advertising campaign at the end of this month and open the platform shortly afterwards. In April, the company managed to raise $ 10.4 million in funding. Among the investors were such major players as Kraken Ventures, GST, and Crypto.com Capital.