LimeWire continues Web3 journey with ‘creator studio’ on Polygon
A file sharing program as soon as used to unfold pirated music within the early 2000s will proceed its newer iteration as a Web3 content material platform by launching a creator studio on Polygon.
The studio’s first use case is picture technology, permitting customers to create new pictures or improve present ones by way of numerous synthetic intelligence fashions.
Later within the third quarter, customers will be capable to use a library of melodies, beats and songs to create AI-generated music, in keeping with LimeWire chief working officer Marcus Feistl. The content material is to be initially sourced from companion platforms and LimeWire-owned content material earlier than permitting musicians to add their very own content material.
Every part created within the studio will probably be minted on the Polygon blockchain. The platform splits earnings between the importing artist of the unique content material and the creator of the newly AI-generated content material.
Particularly, artists earn a share of the advert income generated on LimeWire — paid out in its native LMWR token — primarily based on the variety of views their content material generates. The items of content material may also be traded on the LimeWire secondary market as NFTs. Creators would obtain a royalty, presently paid out in USDC, on this commerce quantity.
Lastly, creators can restrict entry to their content material by requiring followers to pay a month-to-month charge, additionally denominated in USDC.
Payouts by way of these numerous strategies are despatched to creators’ LimeWire accounts and could be withdrawn at any time.
“The studio is absolutely made for skilled creators simply as a lot as it’s for first-timers,” Feistl informed Blockworks in an electronic mail. “Skilled creators would possibly use it to boost their present content material or to faucet into new content material sorts — [like] creating cowl artwork for music releases — whereas newcomers would possibly discover it as a very simple begin into their creator journey.”
Whereas every person will get a certain quantity of free creations monthly, these utilizing extra continuously will probably be charged a charge, the COO famous.
Brothers Julian and Paul Zehetmayr purchased LimeWire’s mental property in 2021 for an undisclosed sum. The corporate raised roughly $10 million in April 2022 as a part of a non-public token sale by Kraken Ventures, Arrington Capital and GSR.
LimeWire stated in a weblog publish on the time its preliminary focus was to launch a music-focused digital collectibles market, noting the platform was designed “to drastically decrease obstacles of entry into the world of NFTs.”
In April, the corporate launched a recreation for customers to simulate the downloading of music thought-about common on the flip of the century. The official itemizing of its LMWR token got here a month later.
The launch of its NFT market and token itemizing had been “the required steps to democratize creator earnings and create a decentralized and honest creator financial system on LimeWire,” Feistl stated.
“LimeWire’s purpose is to grow to be the no.1 platform for anybody to create, share and monetize content material,” he added. “With the launch of the LimeWire AI Studio, we are going to now decrease the entry barrier for anybody to grow to be a content material creator and begin their artistic entrepreneurial journey.”
Napster, a file-sharing software launched in 1999 that competed with LimeWire, revealed earlier this 12 months it will additionally transfer into the Web3 area by way of an acquisition of NFT music platform Mint Songs.
That purchase got here after blockchain firm Algorand and crypto funding agency Hivemind purchased Napster final 12 months. The acquirers stated in a LinkedIn publish on the time they’d “as soon as once more revolutionize the music business by bringing blockchain and Web3 to artists and followers.”
