Algorand Will Power LimeWire FTs
LimeWire claims that it will mint NFTs and collectibles for Algorand and that a token would also be launched later in the year.
While LimeWire’s NFTs will feature music-related media, its custom token will serve various functions by providing access to community features, voting rights, and rewards.
LimeWire stated that Algorand was chosen as the foundation of this system due to its energy efficiency and low carbon footprint. Algorand, unlike Ethereum and Bitcoin, does not depend on the energy-intensive Proof of Work mining. Algorand rely on Proof-of-Stake instead, which is a low-energy consensus process.
Steven Kokinos, Algorand CEO, commented on the partnership. He stated that his project is “excited to see LimeWire launching on the Algorand blockchain” and that Algorand is “eager to support a global brand.” He added that interest in NFTs is on the rise.
LimeWire plans to collaborate with NFTs in March. 9. The brand’s current owners, Paul and Julian Zehetmayr, purchased the rights to the digital music brand last year. LimeWire was shut down in 2010 due to legal problems. The new team wasn’t involved.
Algorand hosts other NFT marketplaces
Algorand is already home to many NFT and digital art markets, including Artsquare, Aorist and Dartroom.
These Algorand-based shops are small in comparison to OpenSea’s Ethereum-based marketplace, which is the dominant NFT market. OpenSea’s trading volume for 2021 was $14 billion, which is a far higher than any competitor.
Unlike Algorand’s other NFT stores, LimeWire boasts a recognizable brand. Still, it is unclear whether LimeWire’s marketplace will achieve a significant share of OpenSea’s volume.