So you think that record labels and movie studios are freaking out now! Wait for the day when mobile filesharing goes mainstream. According to New Scientist, “Music, videos and games could soon be swapped between cellphones using a mobile file-sharing network developed by phone maker Nokia. Lorant Farkas and colleagues, at the Nokia Research Center in Budapest, Hungary, have adapted the peer-to-peer (P2P) schemes used by internet users to share files and tested them on their 6600 model cellphones.”

“Nowadays you can take pictures and record videos with a smart phone,” Farkas told New Scientist. Farkas says developing the ability to share digital music, compressed in formats such as MP3, is also a priority. Now with 3G and WiFi becoming all prevalent, file sharing could be a serious problem, and of course an opportunity. One application I can already predict is a micro-Napster like file sharing system, which streams instead of shares files based on these breakthroughs. So with only 128 megabytes of memory you could have a decent jukebox to share with people. And they can do the same. Perhaps, embedded IM services such as AOL IM could be used as an identifier for sharing.