Limewire chose Algorand as its blockchain partner because the company wants to use less energy.
Key factors
- Music and other digital art will be the main focus of LimeWire’s new NFT market at first.
- The firm hopes to hit 1 million distinctive month-to-month customers by the top of its first 12 months.
Peer-to-peer file sharing software program is very popular. There will be a non-fungible token (NFT) market that Limewire and the Algorand blockchain will work together to start. Limewire wants to start making collectibles with music and art projects first. Then, Limewire wants to start making more collectibles.
It said in a press release that “the market” will be a place where people can buy, sell, and promote their work. The company also wants to have more than 1 million unique customers by the end of the first year.
The market for NFTs has become more and more crowded as people become more aware of the technology. Companies and individual artists and creators are all using NFTs to sell their goods. It doesn’t matter that Limewire will be just one of many markets, but the company’s announcement also gives a look into the future of the NFT area, too. Here are two things you need to know about Limewire’s NFT market.
Energy-efficient blockchain know-how
One of the main things people don’t like about cryptocurrencies is that they’re bad for the Earth. Many crypto farms use a lot of electricity, and most of it comes from coal-fired power plants.
Algorand was chosen by Limewire because it is one of the most energy-efficient blockchains. Last year, Algorand said that it would become one of the most environmentally friendly blockchain options by working with ClimateTrade, a company that helps people track CO2 emissions. The goal is to have the safest proof-of-stake blockchain community without hurting the world.
Art and music are main the NFT growth
Art and music are Limewire’s first focus, which says a lot about how important they are to the NFT market. According to information from Cryptoart.io, the total value of all NFT art projects is more than $2.1 billion, or more than 848,000 Ethereum (ETH) at the time of this writing. For comparison, CoinMarketCap says the total value of all cryptocurrencies is just over $1.7 trillion.
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Over the last two years, the NFT market has grown. As a result of Chainalysis, total NFT sales rose to over $26 billion last year. That’s up from more than $85 million in 2020, the company says. The group said that new customers have been drawn in by the high prices some artworks are getting.
Transactional exercise is declining
The Chainalysis report also said that the number of NFT transactions has dropped a lot since 2018. This could be because of a lot of things, like fraud and copyright infringement in the area. As a result, Limewire might have to quickly cut back on art and music to stay connected, even if NFT art is more profitable than other types of art.
As with any cryptocurrency, buyers should do their own research and understand the risks of the digital property before they spend their first dollar. Read also; What is an NFTs and Why You Should Care
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