TL;DR
- LimeWire is back as a Web3 content subscription platform. Creators, with various monetization options at their disposal, publish content directly to their subscribers. And subscribers own this content via NFTs with resale rights.
- The platform will feature a pay-per-view mode, transforming paid subscribers into shareholders of the creator’s enterprise. This is done via distributing pay-per-view revenue from non-subscribers to subscribers.
- LimeWire’s native token – LMWR – is central to the platform and economy. LMWR will serve as a payments, rewards, and governance token.
- LimeWire is backed by an experienced team, several entertainment and tech industry partnerships, and a growing list of notable investors.
Circa 2005. Who the hell didn’t love LimeWire.
Back then, you could listen to all your favorite artists, watch the best movies, and share just about anything peer-to-peer. When it came to discovering and sharing digital content, LimeWire changed the game for the coming-of-age millennial generation. And now, they’re back with a new model. One that combines the best elements of the creator economy, subscription-based services, and Web3 technology.
And to be honest, there’s some interesting ideas that LimeWire is bringing forward. So let’s dive in and check this out.
What’s LimeWire Now?
LimeWire = Content Subscription Platform (Spotify, YouTube, Twitch, Substack, etc.) + Web3.
The new LimeWire is a platform that allows creators to publish content directly to their fans. However, LimeWire combines an innovative subscription-based model with blockchain technology to fairly compensate creators for their work and subscribers for their support. Let’s break this down.
- LimeWire Subscription Platform: Any content creator (musicians, podcasters, videographers, educators, writers, visual artists, etc.) can launch their LimeWire creator page and publish their content. Fans can subscribe to creator pages for free or for a monthly price, as determined by the creators. And this is all done on LimeWire’s dedicated hosting platform – no third-party services are needed.
- Published Content Minted into NFTs: All published content is automatically minted as NFTs (primarily on Algorand) in proportion to the number of page subscribers. Example: A musician has 10K subscribers. He drops a new song on his page. That song is minted into 10K NFTs, one for each subscriber. The subscribers own these NFTs and can re-sell them on LimeWire or other third-party marketplaces. Creators earn a 2.5% royalty payment on every resale into perpetuity.
- Pay-per-View: Here’s where things get really interesting. Creators who operate a paid-subscription page can set it to PPV mode. PPV mode allows any LimeWire user the ability to view that creator’s content for a one-time fee without being a paid subscriber. After the creator gets her cut, the fees are distributed as revenue – via LimeWire’s native token LMWR – to all the paid subscribers who have NFT ownership of the content that was viewed. Thus, PPV mode effectively turns paid-subscribers into shareholders of the creator’s enterprise, offering them a share of viewership payment revenues.
- Premium Content: Creators can also publish premium content, regardless if their page is set to a free or paid subscription model. Premium content…
David learned about bitcoin in 2015 and has closely followed the crypto industry since then.
His professional interests center around bitcoin, layer-one blockchain protocols, decentralized finance, and clean energy.
An attorney by trade, David has held licenses to practice law in the State of Hawaii and in US federal courts.
