A double-edged sword? Once-famous brands are getting into crypto
There is no denying the fact that the crypto adoption wave sweeping the globe right now has resulted in a growing list of defunct brands making their way into the digital asset market in recent months.
Just two weeks ago, once popular music platform LimeWire announced that it is going to be making a comeback, albeit as a marketplace for nonfungible tokens (NFTs) rather than a file-sharing service.
LimeWire’s return seems to largely be hinging on its once-held brand power backed by the company’s belief that its early 2000’s fame will allow it to make its way into the competitive Web3 ecosystem. In its new iteration, the platform will be posturing as an alternative to popular NFT marketplace OpenSea, focusing on music-related collectibles.
In this regard, it is worth mentioning that LimeWire recently announced a partnership with the parent firm behind Algorand, while also revealing its plans to release its very own token LMWR for mainstream commercial adoption in the near term.
In fact, the last few months have seen a whole host of other old and beloved brands make comebacks of a similar nature. That said, while LimeWire’s revival definitely has a feel-good undertone to it, many in the industry believe that the move may simply be an attempt to piggyback on the file-sharing site’s reputation in the hopes of a quick payday.
In line with what LimeWire is doing, there have been at least half a dozen other old-school names that have tried to forge a resurgence of a similar nature. For example, WinAmp, a popular media player for Microsoft Windows that was sold to AOL in 1999 for $80 million, is now entering the NFT fray, albeit with much public ridicule.
It is incredible how you took decades of good will nostalgia and removed it
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