With the return of LimeWire, the creative world may finally be on the right track to reduce piracy and intellectual property theft as the new native Web3 music streaming platform presents itself to their respective communities.
Back in March, the notorious peer-to-peer (P2P) file-sharing platform Limewire announced it would return, but this time in the form of an NFT marketplace.
On March 9, LimeWire relaunched its website to share its mission to revitalize its image for a new generation. With a strong advisory board, LimeWire brings in music industry veteran Tareef Michael (Wu-Tang Clan manager), former Def Jam A&R Pedro Genao and HER manager Jeanine McLean-Williams, among others.
The original demise of LimeWire
Originally launched in 2000 by Mark Gorton, LimeWire has skyrocketed in popularity, gaining a reputation for its major role in pirating music and movie files.
A decade later, after a judge ruled on the many copyright infringement claims the platform faced, leading to LimeWire’s eventual collapse in October 2011, Gorton reached a $105 million out-of-court settlement with a number of major labels, including Recording. Industry Association of America (RIAA).
The demise of LimeWire has reduced piracy, from a high of 16% at the end of 2007 to 9% at the end of 2010, according to research done by NPD. Specifically, the average number of music files downloaded from other P2P networks after LimeWire closed its store fell from 35 tracks per person in Q4 2007 to 18 tracks per person in Q4 2010.
In May 2022, Austrian entrepreneur brothers Julian and Paul Zehetmayr purchased LimeWire’s intellectual property with funds from their previous startup.
With a new team and advisory board, LimeWire aims to be a forerunner of the NFT craze, putting its piracy era behind it and serving as a platform to help provide visibility for up-and-coming artists and creators.
Migrating streaming revenue on-chain
February, yes[In]Crypto sat down at ETHDenver with Myx, the pioneering Web3 music platform that allows Web3 native artists to control the distribution of their music while avoiding many of the pitfalls the Web2 platform has left, including the ongoing fight against piracy.
The company sees Web3 as a way to get rid of piracy through the IPFS decentralized file storage system.
“Audio files can finally be encrypted and securely stored on a network of nodes,” a Myx executive told Be[In]cryptocurrency. “Currently, this is the cutting edge way to protect files on music platforms.”
The company cited platforms like Audius, which are still plagued by piracy:
“Many of the artists who have joined our platform since the beginning of February have expressed their distaste for Audius because the platform advertises that they pay artists to stream, but they don’t. On the other hand, Royal’s approach is very similar to ours, The difference is that Royal’s artists receive investment from fans while sharing in streaming revenue from the Web2 platform.”
However, the executive said that the mechanics touted by many platforms are “very opaque” and the team is looking to build a streaming platform where streaming revenue is on-chain, visible and trusted by all investors. “
During our conversation, Myx referred to a specific moment in George Orwell’s novel 1984, where Winston was thinking about O’Brien, a man he never talked to but remembered a dream he had , O’Brien told him they would be “where there is no darkness.”
Embracing the same philosophy, Myx aims to connect with like-minded artists “who have withstood the test of rotten platforms and legitimacy, artists who have been waking up to follow their passions under the guise of ‘just a hobby’.”
While the platform is currently in a soft launch phase, it is expected to be available in the second quarter of this year. There are currently over 200 artists, most of whom are considered early Web3 native grassroots artists, including Harrison Fir$t, Dyln, and fifirong.
Through the platform’s Pods feature, fans can invest and make money with their favorite artists, which allows multiple music owners to collaborate and make money together on the economics and governance of that music. For example, all tracks in a Pod receive revenue when streamed on Myx, so all owners of Pod Tokens (the media portion) receive revenue proportional to their Pod ownership.
Binance Smart Chain’s First Music Streaming Platform
Another platform, ROCKI, appeared at NFT LA, launched in late 2020 by Swedish DJ and industry veteran Bjorn Niclas, who has been a pioneer in music NFTs, offering royalty NFTs and music NFTs as limited edition collectible songs, said to be similar to what Aoki published in February The concept promoted after the statement.
“This is really striking evidence of where music is headed, and Web3 seems to be a promising solution,” Niclas told Be[In]Cryptocurrency for NFT LA.
As of the end of March, artists on ROCKI have minted and sold more than 2,000 music NFTs on the platform, Niclas said.
According to Niclas, many of these artists claim to earn more from posting a single music NFT than they earn from the major streaming services involved combined for their entire year’s salaries.
Back in 2020, Israeli DJ and producer Guy J sold a 50% royalty on his exclusive “Cotton Eyes” track on ROCKI for 40 ETH (worth $24,000 at the time) following an NFT auction.
Since its debut in 2020, the platform has seen more than 30,000 tracks uploaded by thousands of independent artists. In April 2021, ROCKI announced a partnership with Binance Smart Chain to become the industry’s first music platform on BSC.
Due to BSC’s scalability, low transaction costs, and development support, Niclas stressed the importance of partnerships to not only help maintain an artist-friendly streaming platform, but to build a “more viable, robust and scalable platform”. sustainable” music industry.
“We see great potential in Web3 and Metaverse, and we are currently talking to several Metaverse projects to integrate our ROCKI blockchain music streaming service and our music NFTs to have them in their Metaverse world Playable and streamable,” revealed Niclas.
With the mass departure of artists from Spotify in February in the wake of the Joe Rogan controversy, independent streaming platforms should take up arms, offering shelter to those who want to continue to put out music on their own terms, not from The janitor there. To date, artists including Neil Young, Crosby, Stills & Nash, Joni Mitchell, Nils Lofgren have left the platform.
“As we see more and more artists leaving Spotify and major labels and their overly complex and long-term record deals to be independent and able to have their own creative freedom, we believe that music NFTs and on-chain music streaming with token rewards Bundling into streaming payments is the next frontier that has already happened and paved the way.”
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