Universal Music Group is one of the most robust record labels globally, and with a wealth of artists under this company, it makes a lot of sense for NFT marketplaces to partner with UMG for NFTs
According to UMG, it exists to influence culture through music and the power of artistry positively. UMG is a world leader in the music industry with interests in a wide range of activities and industries, including recorded music and audiovisual content, merchandising, music publishing, and much more.
You cannot talk about the history and success of the global music industry without mentioning the impact of Universal Music Group. UMG is also well-known for innovation, and innovation is at the core of this company’s success.
Over the last few months, it has been impressive to witness how the music industry accepted NFTs and Web3 technologies wholeheartedly, with everyone, including artists, producers, record labels, collectives, and more, delving into the world of NFTs.
Celebrities have had a high affinity for NFTs as they realize the possibilities associated with NFTs and blockchain technology. Today’s piece will look into how UMG, one of the premium music labels, has entered into a partnership with LimeWire, a partnership with the possibility to help artists and management better engage with fans, broaden their horizons, and earn more money.
A quick reminder that LimeWire is a digital collectibles marketplace that focuses on music and other arts in the entertainment space, giving music fans and artists a dedicated space for music NFTs.
LimeWire X UMG
LimeWire and UMG recently finalized an agreement that’ll give LimeWire access to global content licensing that’ll open the LimeWire NFT marketplace to all the artists under the UMG umbrella.
This means that UMG artists can now offer audiovisual content, audio recordings, backstage content, images, and other artwork as NFTs on the LimeWire marketplace. UMG artists will soon be able to sell these arts as NFTs directly to fans and collectors.
The announcement came on May 17 when LimeWire shared to the world that the company’s partnership with UMG is live. UMG artists and artists under its other recording labels, including Republic Records, Interscope Records, Capitol Records, Def Jam, and more, will be able to access the LimeWire marketplace as a secondary platform to explore new ways of engaging with fans through digital collectibles.
Jonathan Dworkin, UMG’s EVP, Digital Business Development & Strategy, shared the following about the partnership
“Universal Music Group has always prioritized its artists’ creativity and valued fans’ desire to engage in innovative new ways. Now, NFTs are providing an exciting vehicle to enhance this connection between artists and audiences. This is why we are delighted to have partnered with LimeWire, who is focused on guiding everyday users into this expansive arena in this new era of Web3 engagement and music appreciation.”
As part of the partnership, UMG will give LimeWire licenses that will allow the marketplace to better collaborate with artists under the UMG umbrella to launch exciting and innovative music-based NFT projects on the LimeWire NFT marketplace.
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