One of America's leading recording studios, Universal Music Group, has announced the imminent launch of the
for trading with non-fungible tokens (NFT). The functioning of the service will be ensured through label's collaboration with LimeWire, a platform that previously specialized in the exchange of music, and now which is now a marketplace for the sale and purchase of NFT.

According to media reports, such cooperation will allow musicians subscribed to the label to present tokens under their own name. To date, many iconic artists have worked with Universal Music Group, such as, Elton John, Weeknd and others. After the official launch of the site, each of them will have the opportunity to distribute their own collectibles.

In addition, there are other successful recording studios working closely with the label that may also begin trading NFTs.

Previously, music sharing service LimeWire was bought out to be re-launched specifically for trading digital assets in the form of NFTs. As the site's management notes, these assets are music specifics. Users will be able to purchase not only tracks, but all sorts of collectibles that were created by their idols.