July 10, 2024
LimeWire Resurrected as NFT Marketplace and AI Creative Studio on Polygon
NFT

LimeWire Resurrected as NFT Marketplace and AI Creative Studio on Polygon

The 2022 music NFT marketplace LimeWire, a peer-to-peer music-sharing service from the early 2000s, unveiled a decentralized generative AI creative studio on Tuesday that is supported by Ethereum scaling network Polygon. Then why is LimeWire making a shift toward AI?

At its height in the early 2000s, the peer-to-peer platform had over 50 million monthly users. However, it shut down in 2011 after losing a court dispute with the Recording Industry Association of America over claims of infringement. Deadmau5 and Steve Aoki, two of the biggest names in the music industry, supported LimeWire’s revival as an NFT marketplace in 2022.

Since then, it has partnered with companies like Universal Music Group, which is home to Lady Gaga, ABBA, and Justin Bieber. Earlier this year, it expanded its capabilities to let content creators build custom subscription-only feeds, much like Patreon. In an effort to further democratize the artistic business, LimeWire is now introducing a new AI creator studio.

First, LimeWire’s studio will make use of already-existing tools like Stable Diffusion and DALL-E to enable the creation of AI-generated images using text-to-image or image-to-image inputs. In the upcoming months, LimeWire intends to introduce a system that is more intricate.

The site has seen numerous artists employ generative AI to generate visuals for music that was already ready for release, with the technologies simply accelerating the process, according to LimeWire COO Marcus Feistl.

Along with that, LimeWire intends to introduce a number of AI-made music instruments as part of the studio in the upcoming weeks, with video editing features following soon after. Similar to the sample packs now available to producers, consumers may access the studio to add unique sounds or instruments to a certain track, or they can create a song based on licensed rhythms. A complete song can also be written from scratch using AI-generated lyrics, music, and vocals.

“It’s a much simpler form of production, making it more accessible to many people,” explained Feistl. He further stated that LimeWire wants to “empower newcomers to start their creative journey and offer experienced creators the tools they need. With this, anybody can become a creator.”

The studio also wants to provide creatives with a more equitable pay system. Currently, “pro users” who possess a specific quantity of the LMWR token or buy the flagship LimeWire NFT can receive up to a 70% slice of ad revenue from LimeWire, while normal users who publish their art on the website can receive up to 50% of that revenue.

Artists can also make money by selling their works as NFTs or through subscription-based services. LimeWire provides an all-in-one platform for minting and trading NFTs, as well as supporting video, music, and static images. Feistl asserted that a number of artists had already developed a significant enough following for their work to support them financially.

A completely automated creator earnings payment mechanism will be used to automatically mint every work produced in the LimeWire AI studio as an NFT on the Polygon blockchain.

When their work is used by other artists, whether it be as a drum loop, a remix, or a picture for a record launch, the creators will also get a share of the sales. Feistl explained that everything goes through a “rigorous process” that enables LimeWire to determine whether the uploading artists genuinely own the content they are distributing.

He acknowledges that it is a continuous process, though.

“The more models and use cases we add, the more quality content will come from the studio. To me, that’s where it becomes super interesting,” stated Feistl.

The launch of LimeWire’s AI creator studio comes at a time when several sectors of the creative economy are debating the risks that artificial intelligence can pose to creators.

Hollywood’s writers and actors are all on strike, and one of their main grievances is the use of AI. Additionally, a few days ago, a group of British MPs expressed concern about the unrestricted use of music, literature, and the visual arts by AI developers in the development of their models.

However, not everybody in the music field is against AI being used in the creative process. The Grammys will allow songs made with the use of generative AI, and artists like Grimes and the lead singer of Avenged Sevenfold, M. Shadows, have declared they’re fine with having their vocals copied and remixed by AI.

“In the music industry, it seems like a wise idea to embrace AI and work with the tools that it provides. Platforms like Spotify obviously have their positives and negatives, but it’s a change you need to embrace if you want to be successful and reach your audience,” stated Feistl, highlighting the industry’s recent two decades of significant growth, including digital downloads and streaming.

The fact that LimeWire’s creator studio enables musicians to make their work accessible for use by others furthers his belief that AI presents a wealth of growth opportunities.

“AI’s main strength in music creation is enhancing the creative process and making it easier. It’s not going to replace any one thing though. So far, the best results have come from someone utilizing existing music to create something new,” stated Feistl, with the skills requiring ongoing practice in human creativity.

“I don’t think AI is ever going to replace the artist,” he added. “And we’re only talking about the digital side of music anyway. We will never be able to replace real-world experiences like live concerts.”

Image: Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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