LimeWire, which recently announced its big comeback still in the music sector, but this time thanks to non-fungible tokens (NFTs), has just raised $10 million. The funds were raised during a private sale of its future token, the LMWR. Announcements were also made about the future of the project for this year.
LimeWire raises $10 million
A month and a half after announcing its return, LimeWire has just closed a private sale of its new token named “LMWR”. The sale total reached $10 million, with a number of high-profile investors.
The round was indeed led by Kraken Ventures, Arrington Capital as well as GSR, an investment fund specialized in technology, alongside Crypto.com Capital, CMCC Global, Hivemind or SwissBorg, among others.
As we announced at the beginning of last month, the company LimeWire, which had observed a long moment of absence, announced that it was coming back to develop a platform dedicated to non-fungible tokens (NFTs), focusing on the music sector.
NFTs seem to be a great fit with the music and concert industry, as Akshi Federici, Investment Partner at Kraken Ventures, was able to confirm with some enthusiasm:
“The LimeWire team has developed a platform that is ideally positioned to increase participation in digital collections in the music industry, where many use cases remain to be discovered.”
Thus, it seems that this rather singular project has found interested parties, as the famous multi-Grammy-nominated DJ Deadmau5 has also invested in the project. Steve Aoki, the American DJ who recently announced his “AOK1VERSE”, is also on board through the investor group DAO Jones.
A well-stocked roadmap for the future
According to LimeWire’s press release, the platform will begin its launch campaign as early as May this year, with an opening of its NFTs marketplace following in the wake.
LimeWire is staying true to its roots and will focus entirely on the music industry to develop its future projects. Its platform will be developed to make these music NFTs easily accessible to the general public by offering an intuitive user experience as well as simplified payment methods such as credit cards.
The public sale of LMWR, LimeWire’s new token, will take place later this year, but we don’t know the exact date yet.
However, we already know that this token will most likely be a governance token, as the release suggests:
“Token holders will be able to participate in a rewards program, reduce their exchange fees on the platform, and gain access to exclusive community benefits and regular LimeWire events. Later, holders will also begin to play a fundamental role in choosing which up-and-coming artists will be supported by LimeWire and featured on the marketplace.”
Finally, the $10 million raised will be used to grow the LimeWire team, expand its partnerships and bring top music artists onto the platform.