The wallet will be a standalone application with the ability to store nonfungible tokens (NFTs) and connect to NFT marketplaces. A promo video released for the wallet shows a demonstration using Ethereum-based NFTs.

Trade and swap crypto with no network fees. A web3 wallet from us. Get early access: https://t.co/qonXj80BEB pic.twitter.com/qLjByPA4ty

The app is a significant step for the company in providing crypto services. Prior to January 2022, trading crypto on Robinhood was a closed system with users unable to withdraw cryptocurrency.

On Jan. 21, Robinhood opened up crypto withdrawals to 1,000 users, allowing them to send crypto off the platform. That number was later expanded in April to the more than 2 million users on a waitlist.

Currently, the wallet is limited by an identity verification process and only supports seven assets: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ether (ETH), Ethereum Classic (ETC) and Litecoin (LTC).

LimeWire, a peer-to-peer (P2P) file-sharing website from the early 2000s whose brand is now owned by an NFT marketplace, has secured a deal with Universal Music Group (UMG) for artists to launch NFT projects.

In a statement, UMG said the deal would allow its artists to offer NFTs featuring content such as audio recordings, bonus tracks, backstage footage, images and other exclusive material to sell to fans or collectors.

As part of this new partnership, UMG artists can now offer audio recordings, audiovisual content, backstage footage as well as other artworks as NFTs on the @LimeWire marketplace and sell them directly to fans and collectors in a