Ben Strack

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 <a href="https://blockworks.co/tag/polygon">Polygon</a> 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 <a href="https://blockworks.co/tag/nfts">NFTs</a>. Creators would receive a royalty, currently paid out in USDC, on this trade volume.&nbsp;



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Payouts through these various methods are sent to creators’ LimeWire accounts and can be withdrawn at any time.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



Brothers Julian and Paul Zehetmayr <a href="https://blockworks.co/news/can-limewire-brand-juice-adoption-of-new-nft-based-music-marketplace">bought LimeWire’s intellectual property in 2021</a> 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.&nbsp;



LimeWire said in a blog <a href="https://blog.limewire.com/limewire-raises-over-10-million-in-private-token-sale-led-by-kraken-ventures-arrington-capital-and-gsr/">post</a> 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 <a href="https://blockworks.co/news/limewire-crypto-game">launched a game</a> 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.&nbsp;



“LimeWire&#8217;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 <a href="https://blockworks.co/news/napster-begins-planned-acquisition-spree-amid-shift-to-web3">via an acquisition of NFT music platform Mint Songs</a>.



That buy came after blockchain company Algorand and crypto investment firm Hivemind <a href="https://www.linkedin.com/feed/update/urn:li:activity:6929792306673815553/">bought Napster</a> 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.”



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creator economy

LimeWire continues Web3 journey with ‘creator studio’ on Polygon

Sebastian Sinclair

Twitter rebranding to “X” has fueled fresh speculation about CEO Elon Musk integrating payments directly with the platform, including crypto options.



Musk, whose <a href="https://blockworks.co/news/elon-musk-secures-44b-deal-for-social-media-platform-twitter" target="_blank" rel="noreferrer noopener">$44 billion</a> buyout stirred <a href="https://blockworks.co/news/crypto-faithfuls-await-elon-musks-blockchain-plans-for-twitter" target="_blank" rel="noreferrer noopener">crypto proponents</a> last year, is betting his vision for an “everything app” can lighten the now-private company’s estimated $13 billion debt, despite a reported 59% cut in US ad revenue.



During his first <a href="https://www.vox.com/recode/23171541/leaked-transcript-elon-musk-first-meeting-twitter-employees">all-hands</a> meeting in June, Musk said the idea of bringing payments directly onto the platform would “make sense.” 



Potential revenue from digital payments have been touted as <a href="https://www.ft.com/content/9d84d534-b2dd-4cff-85d1-aee137b26a45" target="_blank" rel="noreferrer noopener">one possibility</a> to alleviate X’s financials.&nbsp;



The idea would be to bring users under one roof and keep them there, reminiscent of China’s massively popular WeChat. By offering everything from messaging, online shopping, banking, search and more, users agree to forgo sensitive financial and personal data points for the sake of convenience.



Various implementations of the “<a href="https://d3.harvard.edu/wechat%E2%80%8A-%E2%80%8Athe-one-app-rules/">one app to rule them all</a>” are already in use in Asia, Africa and <a href="https://www.forbes.com/sites/jonathankeane/2022/06/02/latin-american-super-app-yummy-raises-47-million-in-fresh-funds/?sh=7ac992044c7b">Latin America</a>. 



All hinge, in one form or another, on a customer’s ability to seamlessly pay for goods and services without needing to exit a given ecosystem.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Buying Twitter is an accelerant to creating X, the everything app&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1577428272056389633?ref_src=twsrc%5Etfw">October 4, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div><figcaption class="wp-element-caption">Musk was <a href="https://www.washingtonpost.com/history/2023/07/25/elon-musk-paypal-twitter-x-rebrand/" target="_blank" rel="noreferrer noopener">reportedly</a> cast out of the proto-PayPal after pushing an &#8220;X&#8221; rebrand back in 2000</figcaption></figure>



<h2 class="wp-block-heading">Does crypto fit into Musk’s vision for Twitter?&nbsp;</h2>



Musk is famously a fan of dogecoin (<a href="https://blockworks.co/price/doge" target="_blank" rel="noreferrer noopener">DOGE</a>) and his <a href="https://blockworks.co/news/tesla-keeps-holding-184m-worth-of-digital-assets-on-its-balance-sheet" target="_blank" rel="noreferrer noopener">electric vehicle giant Tesla holds</a> bitcoin (<a href="https://blockworks.co/price/btc">BTC</a>).&nbsp;



Twitter even briefly <a href="https://www.theguardian.com/technology/2023/apr/04/twitter-changes-logo-to-dogecoin-cryptocurrency-image-in-apparent-late-april-fools-day-gag" target="_blank" rel="noreferrer noopener">replaced</a> Twitter’s iconic bird in April with the DOGE logo and, more recently, a text version of the symbol appeared in Musk’s bio earlier this week — inspiring a brief 10% rally.



“I think odds are high that a lot of digital assets will be supported,” Nick Cote, co-founder of on-chain middleware provider Molecule Protocol told Blockworks. “I&#8217;d wager we&#8217;ll see some clarification on the requirements for which assets are supported in the future.”



But crypto is already somewhat integrated with the platform. In September 2021, Twitter <a href="https://blog.twitter.com/en_us/topics/product/2021/bringing-tips-to-everyone" target="_blank" rel="noreferrer noopener">began</a> allowing opted-in users to tip others with BTC and ether (<a href="https://blockworks.co/price/eth" target="_blank" rel="noreferrer noopener">ETH</a>), however it’s unclear to what extent the functionality has been utilized.&nbsp;



Users, since last January, have also been able to <a href="https://blockworks.co/news/twitter-integrates-nfts-with-new-profile-picture-feature" target="_blank" rel="noreferrer noopener">unlock special NFT-fused hexagon profile pictures</a> after proving ownership of digital avatars via their Ethereum wallets. “Tweet Tiles” followed months later, which allow for easy viewing of tweeted crypto collectibles.



Cote pointed to an emerging trend being observed with <a href="https://blockworks.co/news/telegram-bots-trading" target="_blank" rel="noreferrer noopener">bots on Telegram</a>, which facilitate crypto trading right from the app interface. The rebranded Twitter could do the same thing, reducing the platform’s reliance on an ad-based revenue model which “most social networks rely on.”&nbsp;



(Twitter has <a href="https://blockworks.co/news/twitter-crypto-cashtags-musk-etoro" target="_blank" rel="noreferrer noopener">expanded its “cash tags”</a> to include more information about cryptocurrencies over the past year, including redirects to offsite trading platforms.)



<h2 class="wp-block-heading">Twitter renews focus on creators</h2>



As of this month, popular Twitter accounts have received payments as part of a new <a href="https://help.twitter.com/en/rules-and-policies/content-monetization-standards">revenue-sharing program</a>.&nbsp;



Those accounts include the likes of Billy Markus, a Dogecoin co-founder with 2.1 million followers. Markus said he raked in more than <a href="https://twitter.com/BillyM2k/status/1679564961713115136?s=20" target="_blank" rel="noreferrer noopener">$37,000</a>.



The hope is that by distributing revenue to creators, Twitter/X will be able to retain the platform’s most influential personalities against the temptations of other platforms including Instagram’s new Threads app — a direct competitor.



Some say Twitter could accept DOGE and other cryptocurrencies for ad spend, which would add a certain degree of real-world utility for the coin. Mark Cuban, another celebrity billionaire Dogecoin fan, pushed to accept the cryptocurrency through his Dallas Mavericks for tickets and merchandise during the 2021 bull market.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">i like twitter <a href="https://t.co/WRRoKUl3pr">pic.twitter.com/WRRoKUl3pr</a>&mdash; Shibetoshi Nakamoto (@BillyM2k) <a href="https://twitter.com/BillyM2k/status/1679564961713115136?ref_src=twsrc%5Etfw">July 13, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“I wouldn&#8217;t rule out DOGE potentially being accepted by the rebranded Twitter,” Sylvia To, research lead at crypto exchange Bullish told Blockworks. “I think it&#8217;s important to realize there is still a meme culture element to social media in the sense that the two are very much complementary.”



Still, it’s worth asking why anyone would use DOGE or other such cryptocurrencies for payments when they could leverage dozens of other options. Some of which may possess superior attributes, Molecule’s Cote said.



“Cool for the niche DOGE community, but does the world care and most importantly, will they use it vs. the options they have now? My guess is probably not,” he said.



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Bitcoin

Twitter ‘X’ rebrand spurs hype around potential crypto integration — again

Brianna Beckford

On today&#8217;s episode of &#8220;<a href="https://youtu.be/xRpqjKV1ZV8" target="_blank" rel="noreferrer noopener">Empire</a>,&#8221; Jason Yanowitz and Santiago Roel Santos are joined by Li Jin and Jesse Walden of Variant. Bringing their specific expertise on the creator space, Li and Jesse discuss what it means to form a crypto creator economy that not only supports quality content but attracts players to actually invest in the concept. With Jason and Santiago, they cover mainstream adoption, NFTs, what it means to be an owner, and more.



They cover mainstream adoption, NFTs, and what it means to be an owner, while also bolstering listeners on how exactly to get involved. 



Plus, hear more on:



<ul class="wp-block-list"><li>NFTs vs Fungible Tokens</li><li>how to reach progressive decentralization</li><li>and so much more!</li></ul>



Check out what they had to say in the video below.👇



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="The Creator Economy Playbook | Li Jin, Jesse Walden" width="1024" height="576" src="https://www.youtube.com/embed/xRpqjKV1ZV8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<h3 class="wp-block-heading">About the show</h3>



&#8220;Empire&#8221; is a twice-a-week show. On Thursdays, Jason interviews crypto industry movers and shakers to talk about their struggles, bold moves and tough decisions. Friday&#8217;s weekly roundup episodes feature <meta charset="utf-8">co-host Santiago Roel Santos and cover the top news from the past week.



For any NPR or Guy Raz fans out there, you can think of &#8220;Empire&#8221; as a &#8220;How I Built This&#8221; for the bitcoin and crypto industry.



Subscribe to &#8220;Empire&#8221; today on&nbsp;<a href="https://podcasts.apple.com/us/podcast/empire/id1554930038" target="_blank" rel="noreferrer noopener">Apple</a>&nbsp;or&nbsp;<a href="https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq" target="_blank" rel="noreferrer noopener">Spotify</a>. Watch episodes on&nbsp;<a href="https://www.youtube.com/playlist?list=PLvER9nHSRN3wPkrDGTT5_8VC4Hjcq0f9U" target="_blank" rel="noreferrer noopener">YouTube</a>.



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Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a target="_blank" href="https://cms.blockworks.co/newsletter/?source=end" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.



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