[ad_1]
Key Takeaways
- LimeWire has introduced that it’ll use Algorand as the idea of its non-fungible token (NFT) market.
- Algorand was chosen as a result of it depends on staking, making it an energy-efficient and carbon-negative blockchain.
- It’s unclear whether or not LimeWire’s NFT retailer will be capable of compete with bigger marketplaces like OpenSea.
Share this text
LimeWire has introduced that it’ll use the Algorand blockchain to energy its digital collectibles market.
Algorand Will Energy LimeWire NFTs
LimeWire says that it’ll mint its NFTs and collectibles on Algorand, and {that a} token can even be launched later this yr.
Whereas LimeWire’s NFTs will function music-related media, its customized token will serve varied features by offering entry to group options, voting rights, and rewards.
LimeWire stated that it selected to make use of Algorand as the idea of this method as a result of it’s an energy-efficient and carbon-negative blockchain. In contrast to Bitcoin and Ethereum, Algorand doesn’t depend on the energy-intensive strategy of Proof-of Work mining. As an alternative, Algorand depends on Proof-of-Stake, a low-energy consensus mechanism.
Algorand CEO Steven Kokinos commented on the partnership. He acknowledged that his challenge is “excited to see LimeWire launching on the Algorand blockchain” and that Algorand is “desirous to help a world model.” He added that curiosity in NFTs is on the rise.
LimeWire introduced plans to work with NFTs on Mar. 9. The model’s present house owners, Paul and Julian Zehetmayr, bought the rights to the digital music model final yr. The brand new group was not concerned with LimeWire on the time of its authorized points and shutdown circa 2010.
Algorand Hosts Different NFT Marketplaces
Algorand already is residence to a number of NFT and digital artwork marketplaces, together with ZestBloom, Artsquare, Aorist, Abrist, Dartroom, Republic, AlgoGems, Blocsport, Asolp, and Mintdrops.
Nonetheless, these Algorand-based shops are very small in comparison with the Ethereum-based market OpenSea, which dominates the NFT market. OpenSea reported $14 billion in buying and selling quantity over 2021, an quantity far better than any competitor.
In contrast to Algorand’s different NFT shops, LimeWire boasts a recognizable model. Nonetheless, it’s unclear whether or not LimeWire’s market will obtain a major share of OpenSea’s quantity.
Disclosure: On the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies.
Share this text
NFT Categorical: Your on-ramp to the world of NFTs
At Tatum, we’ve already made it tremendous simple to create your individual NFTs on a number of blockchains with out having to be taught Solidity or create your individual sensible contracts. Anybody can deploy…
A Decade Later, LimeWire Returns as NFT Market
LimeWire, a file sharing service that shut down in 2011, plans to relaunch as a digital collectibles market for artwork, music, and leisure. LimeWire Plans Comeback Greater than a decade…
Grayscale Contemplating Fantom, Algorand for Its Funding Merchandise
Grayscale Investments has up to date its record of digital property into consideration for this yr. 25 extra tokens, together with Layer 1 chains, Metaverse functions, and blockchain video games, have been added to…
Solana’s Prime NFT Market Magic Eden Publicizes $27M Elevate
Magic Eden has raised $27 million in a Sequence A led by enterprise capital agency Paradigm. OpenSea Competitor Raises $27M The Solana-based NFT market Magic Eden has accomplished its Sequence…
[ad_2]
Source link