Ad

LimeWire selects the Algorand blockchain for its NFT marketplace

By:
on Mar 15, 2022
Listen
  • LimeWire has announced plans to create an NFT marketplace.
  • The marketplace will be launched on the Algorand blockchain.
  • LimeWire has the potential to become the largest NFT marketplace on Algorand.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

LimeWire recently announced its comeback as a marketplace for non-fungible tokens. LimeWire used to be a file-sharing platform such as BitTorrent, but it shut down in 2010 amid a series of legal issues.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

LimeWire’s new owners Paul and Julian Zehetmayr purchased the intellectual rights to the platform in 2021. The two were not involved with LimeWire while it was operating as a file-sharing firm.

LimeWire to create an NFT platform on Algorand

Copy link to section

LimeWire has stated that its NFT marketplace will run on the Algorand (ALGO/USD) blockchain. Moreover, it expects to launch its own native token towards the end of the year. The token will provide holders with governance rights and rewards.

LimeWire stated that it had selected the Algorand blockchain because it was energy-efficient and a carbon-negative blockchain network. Algorand used a proof-of-stake (PoS) consensus that consumed lesser energy than proof-of-work networks such as Bitcoin (BTC/USD) and Ethereum (ETH/USD).

The co-CEO of LimeWire, Paul Zehetmayr, commented on this development, saying,

If you are an average music fan on the internet, you might not own any cryptocurrency or have access to a crypto wallet, let alone understand the mechanics of collectibles on the blockchain. We want to remove all those obstacles and make it easy for people to participate while at the same time offering an exciting platform for crypto natives.

Adoption of Algorand by NFT platforms

Copy link to section

Algorand is one of the key players in the decentralized finance (DeFi) and NFT sectors. The network is already winning big in the NFT and digital art industry. Some of the marketplaces already running on the Algorand network include Asolp, Mintdrops, Dartroom, Republic, Blocsport, ZestBloom and more.

However, the Ethereum blockchain is still the largest blockchain in supporting NFT works. Moreover, the NFT marketplaces running on the Ethereum network are larger than those running on Algorand. OpenSea has the highest trading volumes. In 2021, its trading volumes reached $14 billion.

LimeWire could come become one of the largest NFT marketplaces on Algorand, given its reputation over the years. However, the NFT space is very competitive, and it is still to be seen whether LimeWire can surpass OpenSea’s trading volumes.

Algorand Crypto