LimeWire continues Web3 journey with ‘creator studio’ on Polygon

Initially allowing users to produce images or enhance existing ones via various AI models, new creator studio’s next use case is music creation

article-image

Shtefan Yelizaveta/Shutterstock modified by Blockworks

share

A file sharing program once used to spread pirated music in the early 2000s will continue its more recent iteration as a Web3 content platform by launching a creator studio on Polygon.

The studio’s first use case is image generation, allowing users to create new images or enhance existing ones via various artificial intelligence models.

Later in the third quarter, users will be able to use a library of melodies, beats and songs to create AI-generated music, according to LimeWire chief operating officer Marcus Feistl. The content is to be initially sourced from partner platforms and LimeWire-owned content before allowing musicians to upload their own content.

Everything created in the studio will be minted on the Polygon blockchain. The platform splits earnings between the uploading artist of the original content and the creator of the newly AI-generated content.

Specifically, artists earn a share of the ad revenue generated on LimeWire — paid out in its native LMWR token — based on the number of views their content generates. The pieces of content can also be traded on the LimeWire secondary market as NFTs. Creators would receive a royalty, currently paid out in USDC, on this trade volume. 

Finally, creators can limit access to their content by requiring fans to pay a monthly fee, also denominated in USDC.

Payouts through these various methods are sent to creators’ LimeWire accounts and can be withdrawn at any time.

“The studio is really made for experienced creators just as much as it is for first-timers,” Feistl told Blockworks in an email. “Experienced creators might use it to enhance their existing content or to tap into new content types — [like] creating cover art for music releases — while newcomers might find it as a very easy start into their creator journey.”

While each user gets a certain amount of free creations per month, those using more frequently will be charged a fee, the COO noted. 

Brothers Julian and Paul Zehetmayr bought LimeWire’s intellectual property in 2021 for an undisclosed sum. The company raised roughly $10 million in April 2022 as part of a private token sale by Kraken Ventures, Arrington Capital and GSR. 

LimeWire said in a blog post at the time its initial focus was to launch a music-focused digital collectibles marketplace, noting the platform was designed “to drastically lower barriers of entry into the world of NFTs.”

In April, the company launched a game for users to simulate the downloading of music considered popular at the turn of the century. The official listing of its LMWR token came a month later.

The launch of its NFT marketplace and token listing were “the required steps to democratize creator earnings and create a decentralized and fair creator economy on LimeWire,” Feistl said. 

“LimeWire’s goal is to become the no.1 platform for anyone to create, share and monetize content,” he added. “With the launch of the LimeWire AI Studio, we will now lower the entry barrier for anyone to become a content creator and start their creative entrepreneurial journey.”

Napster, a file-sharing application launched in 1999 that competed with LimeWire, revealed earlier this year it would also move into the Web3 space via an acquisition of NFT music platform Mint Songs.

That buy came after blockchain company Algorand and crypto investment firm Hivemind bought Napster last year. The acquirers said in a LinkedIn post at the time they would “once again revolutionize the music industry by bringing blockchain and Web3 to artists and fans.”


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM

article-image

The side events were the places to be at Consensus 2024, according to attendees

article-image

Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them

article-image

I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right

article-image

Also, the ETF hype train can count out at least one member