Key Takeaways
- LimeWire has introduced that it’s going to 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 to compete with bigger marketplaces like OpenSea.
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LimeWire has introduced that it’s going to use the Algorand blockchain to energy its digital collectibles market.
Algorand Will Energy LimeWire NFTs
LimeWire says that it’s going to 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 numerous features by offering entry to neighborhood options, voting rights, and rewards.
LimeWire mentioned that it selected to make use of Algorand as the idea of this technique 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 technique of Proof-of Work mining. As a substitute, Algorand depends on Proof-of-Stake, a low-energy consensus mechanism.
Algorand CEO Steven Kokinos commented on the partnership. He said that his venture is “excited to see LimeWire launching on the Algorand blockchain” and that Algorand is “wanting to assist 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 homeowners, Paul and Julian Zehetmayr, bought the rights to the digital music model final yr. The brand new crew was not concerned with LimeWire on the time of its authorized points and shutdown circa 2010.
Algorand Hosts Different NFT Marketplaces
Algorand already is house to a number of NFT and digital artwork marketplaces, together with ZestBloom, Artsquare, Aorist, Abrist, Dartroom, Republic, AlgoGems, Blocsport, Asolp, and Mintdrops.
Nevertheless, 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 larger 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 big share of OpenSea’s quantity.
Disclosure: On the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies.
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