LimeWire, a former file-sharing program notorious for facilitating the distribution of pirated music during the early 2000s, has taken a transformative step into the Web3 era.
The platform, now underpinned by the Polygon blockchain, is introducing a cutting-edge creator studio that harnesses the power of artificial intelligence (AI) to enable users to craft innovative content.
The creator studio’s initial application revolves around image generation, empowering users to either craft new images from scratch or enhance existing ones using a variety of AI models.
According to Marcus Feistl, the Chief Operating Officer of LimeWire, the platform is set to elevate its offerings even further.
In the upcoming months, LimeWire will roll out an extensive library of melodies, beats, and songs that users can leverage to compose AI-generated music.
Initially, this musical content will be sourced from partner platforms and LimeWire’s proprietary collection, gradually opening up for musicians to upload their own compositions.
The core innovation of the LimeWire creator studio lies in its integration with the Polygon blockchain.
Every creation emerging from the studio will be minted as unique tokens on the blockchain.
A novel revenue-sharing mechanism has been devised, distributing earnings between the original content uploader and the AI-generated content’s creator.
Specifically, artists are poised to receive a portion of the advertising revenue that accumulates on LimeWire, which will be paid out in LMWR tokens, the platform’s native cryptocurrency, contingent on the viewership their content garners.
Furthermore, these content pieces can be traded as non-fungible tokens (NFTs) on the LimeWire secondary market, with creators entitled to royalties, currently denominated in USDC, based on the trading volume.
To maintain an equitable ecosystem, LimeWire introduces a system where creators can restrict access to their content, requiring fans to subscribe with a monthly fee in USDC.
All earnings from these various streams are channelled into creators’ LimeWire accounts and can be withdrawn at their convenience.
