NFTs (non-fungible tokens) have been the driving force behind the recent crypto boom. They’ve enabled digital artists to own their creations and monetize them in new, innovative ways. Unsurprisingly, other tech ventures have taken notice and now the P2P sharing platform, Limewire, is hoping to capitalize on the NFT craze.
Recently, Limewire launched their AI Creator Studio on the Polygon blockchain for NFTs. The initial focus for the platform is generating images, using advanced models of artificial intelligence to create new pictures or enhance existing ones. The company plans on expanding the creation tool to music in Q3 2024. This shift means users will have access to an array of beats, melodies, and songs to create their own unique compositions.
Not long ago, Limewire was best known for its P2P file sharing program that made it possible for users to share pirated music. Unfortunately, the venture eventually met its demise in 2011 resulting in a massive $105 million settlement. But the trademark was purchased by Austrian brothers Julian and Paul Zehetmayer in 2021 with the intention of breathing new life into the brand as a digital collectibles marketplace.
In March 2022, Limewire secured $17 million in a private token sale to relaunch the project. This time their focus switched from the NFT music marketplace to an AI Creator Studio. It offers a unique income stream for users by taking into account the ad-revenue, the USDC stablecoin, and the monthly subscription paid by fans. The platform lets those who create content on the AI Creator Studio to earn a royalty for their work, taking into account any content traded on the secondary market. Surprisingly, it also includes a certain number of free AI-generated content per month, so that even users who don’t want to pay can take part in the experience.
Limewire’s AI Creator Studio is plenty of proof that the NFT wave and the potential of the blockchain technology have not been forgotten in the years since the explosive crypto boom. It is easy to see why this platform is an exciting prospect for many digital content creators. Offering yet another creative outlet and a chance to earn, Limewire’s AI Creator Studio is a project to keep an eye on