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According to PANews on August 29, according to Blockworks, Marcus Feistl, chief operating officer of Limewire, an NFT market in the field of art and music entertainment, said that later in the third quarter, users will be able to use melodies, beats, and song libraries to create artificial intelligence-generated music. The content initially came from partner platforms and LimeWire-owned content before allowing musicians to upload their own content. All content created in the studio will be minted on the Polygon blockchain. The platform will split revenue between artists who upload original content and creators of new AI-generated content.
Specifically, artists earn a portion of the advertising revenue generated by LimeWire (paid in native LMWR tokens) based on the number of views their content generates. The content can also be traded on the LimeWire secondary market as an NFT. Creators will receive royalties on this volume, currently paid in USDC. Creators can also limit access to their content by requiring fans to pay a monthly fee (denominated in USDC). While each user gets a certain number of free creations per month, those who use it more often will be billed, Feistl noted.
Earlier in the news in May, NFT marketplace Limewire announced that it had raised more than $16 million through the LMWR token sale.