Buy and trade a variety of music-related digital assets
LimeWire has revealed the Algorand blockchain will host the launch of its NFT marketplace. In addition to minting digital collectibles on Algorand, LimeWire also plans to launch a token later this year. Attracting LimeWire fits in Algorand’s mission to attract projects that want energy-efficient NFT ecosystems and services running on a carbon-negative blockchain.
Last week we reported that LimeWire was relaunching as a digital collectibles marketplace for art and entertainment, with an initial focus on music. The brothers behind the project hope the revamped LimeWire will become a one-stop-shop for artists and fans to create, buy and trade digital collectibles without coming up against the clunky and often confusing current NFT user experience. The company has ambitious growth and partnership plans and hopes to bring digital collectibles to the mainstream and onboard one million users within the first year.
The new LimeWire will let music fans and collectors buy and trade a variety of music-related digital assets, such as limited editions, pre-release music, unreleased demos, graphical artwork, exclusive live versions, and digital merchandise and backstage content. Hosting their NFTs on Algorand seems like a good match, as its carbon-negative services form a good countermeasure against zealous anti-NFTs fanatics in various communities.
LimeWire also announced last week it would launch its token later in 2022. This would also happen on Algorand. Information is currently still thin, but it’s expected that token holders will be able to access exclusive content, join the LimeWire community, vote for artists and curate the marketplace, reduce fees and participate in reward programs.
Algorand offers an eco-friendly Proof-of-Stake blockchain with fast transaction speeds and cross-chain bridges to Ethereum and Polygon. In choosing Algorand, LimeWire is making it clear that they want to deliver an energy-efficient NFT marketplace with low-cost minting and interoperability with already popular networks.
The current timeline will see the new LimeWire marketplace arrive in May 2022 and open up the gates for small and medium-sized artists to join the platform from day one. Creators and artists interested in being part of the marketplace at launch can use the LimeWire waitlist page to sign up for early access.
The official announcement dropped at 1 pm GMT on March 14, and almost immediately, the price of the ALGO token started moving north. However, at the time of writing, the effect appears to have been short-lived with the price returning to previous levels.
Scaling benefits for Algorand dapps
Where other blockchains have relied on developing layer-2 solutions to provide a sense of scalability, Algorand offers these options off the shelf. The Algorand blockchain consists of two different layers. On layer-1, you’ll find all the smart contracts. Here users can, for example, swap cryptocurrencies or create new blockchain assets. The real magic happens on their second layer, which can run more complex smart contracts.
At the heart of the Algorand blockchain is the PPOS consensus mechanism. This system allows all ALGO token holders to participate in block production. It’s a low-cost, high throughput network with a core focus on block finality. It costs roughly 0.001 ALGO per transaction–less than a cent–making it ideal for DeFi and gaming use cases. The blockchain also handles up to 1000 transactions per second, with block finality happening after a single block, unlike Bitcoin or Ethereum.
Algorand has been performing well throughout 2022, increasing the total value locked in its dapps from approximately $96 million to $126 in the last month. AlgoFi, a decentralized lending protocol and stablecoin built on Algorand, holds almost $105 million, or 83% of that figure at writing.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies inc BTC, ETH, and RADAR.