Former file-sharing platform LimeWire raises $ 10.4 million in private token sales to expand its NFT marketplace

LimeWire, the file-sharing platform relaunched as a marketplace for digital collectibles, has raised $ 10.4 million in a private sale of its LMWR token.

The round was led by Kraken Ventures, Arrington Capital and GSR.

The investments also came from Crypto.com Capital, CMCC Global, Hivemind, Hard Yaka, Red Beard Ventures, FiveT, 720Mau5, the fund behind the Canadian music producer Deadmau5, and DAO Jones, a group of investors consisting of high-profile members from the music industry, including the well-known electronic music artist Steve Aoki.

With this round, LimeWire says it has integrated strategic investors with “strong networks in the crypto space”, which it says will help its marketplace and token ecosystem “scale at a faster pace”.

LimeWire plans to use the funds raised to grow its team and expand partnerships. It also plans to “integrate great music artists” on its platform.

The company says its recruitment drive will be “largely aimed at supporting artists” and “curating high-quality content on the platform”.

LimeWire launches its official launch campaign later this year and opens its digital collectibles marketplace shortly thereafter.

According to LimeWire, holders of their LMWR token will be able to “participate in a token rewards program, reduce their platform trading fees to a minimum, and enjoy access to exclusive Community perks and regular LimeWire events”.

LimeWire says that further down the line, token holders will also play “a fundamental role in deciding which up-and-coming artists are supported” by the platform and appear on the market.

LimeWire recently announced that it is relaunching as a “mainstream-ready digital collector marketplace” for arts and entertainment, initially focusing on music.

The company says it aims to “bring digital collectibles to the mainstream and aboard one million users within the first year through partnerships with major artists in the music industry”.

“LimeWire’s digital collectibles marketplace gives artists a powerful set of tools to seize this huge opportunity.”

Akshi Federici, partner, Kraken Ventures

“The LimeWire team has developed a platform that is uniquely positioned to increase participation in digital collectibles in the music industry, where many use cases have not yet been discovered,” said Akshi Federici, partner, Kraken Ventures.

“When artists perform for live audiences again, positioning NFTs as exclusive backstage passes or access to unpublished content will be an invaluable opportunity to strengthen direct engagement and loyalty with fans.

“LimeWire’s digital collectibles marketplace gives artists a powerful set of tools to seize this huge opportunity.”

“We are pleased to have Kraken Ventures, Arrington Capital and GSR at the helm of our private token sales, all of which add significant strategic value to LimeWire and have a track record of investing in disruptive technology.”

Julian and Paul Zehetmayr, LimeWire

Brothers Julian and Paul Zehetmayr, LimeWire Co-CEOs, said: “We are pleased to have Kraken Ventures, Arrington Capital and GSR to lead our private token sales, all of which add significant strategic value to LimeWire and have a track record. investing in disruptive technology, their support strengthens our mission at LimeWire to open up the NFT world to the general public, starting with music collectibles.

“We also expect great interest in public token sales later this year. The LMWR token sits at the heart of the LimeWire ecosystem and allows users to actively participate not only in our community but also in what happens in the market. “

“The LimeWire team has the skill and dedication to build a reliable platform that can take the market mainstream and bring huge benefits to artists and fans.”

Bobby Bao, Crypto.com

Bobby Bao, co-founder and CEO of Crypto.com, said: “The digital collector market opportunity is huge, but it is not being fully realized.

“The LimeWire team has the skill and dedication to build a reliable platform that can take the market mainstream and bring huge benefits to artists and fans.”Music business worldwide

Leave a Reply

Your email address will not be published.