LimeWire announced that it will use the Algorand blockchain to power the NFT market.
LimeWire has stated that it will print its NFT collections on the Algorand blockchain, with a token launching later this year.
While LimeWire’s NFTs will include music-related media, its special token will be used for various functions, such as voting and providing access to rewards.
LimeWire emphasized that it chose to use Algorand because it is an energy efficient and carbon negative blockchain. Unlike Bitcoin and Ethereum, Algorand prefers proof-of-stake instead of proof-of-work algorithm.
Algorand CEO Steven Kokinos stated that he is “excited to see LimeWire launch on the Algorand blockchain” and Algorand is “willing to support a global brand.”
LimeWire’s current owners, Paul and Julian Zehetmayr, acquired the rights to the digital music brand last year. The new team had no affiliation with the platform when LimeWire was shut down in 2010 due to legal issues.
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