LimeWire Raises $10 Million In Private Token Sale To Grow Music-linked NFT Platform

LimeWire has raised $10.4 million in a private token sale led by Kraken Ventures, Arrington Capital and GSR as it builds its platform for music-focused NFTs. 

iexclusivenews reports that the fundraise was launched on Thursday, just over a month after the corporation announced its plans for a comeback.

LimeWire sprang to prominence in the 2000s as a location to get music and other items that weren’t available through traditional channels.

However, other from the name and branding, LimeWire’s business model is entirely unique.

According to the team behind the resurrection, which is based in Vienna, London, and Berlin.

The platform will first focus on music-related NFTs. Its new version will allow fans and artists to produce, acquire, and exchange digital collectibles. Without having to deal with the NFT landscape’s present technological challenges.

Limited editions, pre-release songs, unreleased demos, graphical artwork, exclusive live versions, as well as digital merchandising and backstage content will be among the music-related items.

[the_ad id=”41664″]

“As artists perform for live audiences again, positioning NFTs as exclusive backstage passes or access to unreleased content will become an invaluable avenue to strengthen direct engagement and loyalty with fans,” said Akshi Federici, a partner at Kraken Ventures.

What People Are Saying

The new money will be used to expand the brand’s personnel, expand collaborations, and bring on major music artists to the platform, according to the company.

Later this year, LMWR tokens will be available for purchase in a public sale. Holders will be able to engage in a token reward program, lower their platform trading fees, and receive access to special community advantages as well as frequent LimeWire events. Holders will eventually play a key role in choosing which up-and-coming artists are promoted by LimeWire and featured on the marketplace, according to the business.

Crypto.com Capital, CMCC Global, Hivemind, Hard Yaka, Red Beard Ventures, FiveT, 720Mau5, the fund behind Canadian music producer Deadmau5, and DAO Jones, a collection of investors from the music industry, including electronic music star Steve Aoki, were also among the investors in the round.