• LimeWire’s private token sale raised more than $10 million

  • The LMWR token raised around $10.4 million in the private sale, which was spearheaded by investors such as Kraken Ventures, Arrington Capital, and GSR.

    Leading Investors Participate in a Private Sale

    The team revealed the private selling round in a blog post on its website on Thursday. Speaking about his firm’s investment, Akshi Federici, Partner at Kraken Ventures, stated,

    “The LimeWire team has developed a platform that’s uniquely positioned to increase participation in digital collectibles within the music industry, where many use cases are yet to be discovered. 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. LimeWire’s digital collectibles marketplace provides artists with a powerful set of tools to seize this immense opportunity.”

    Investors in the private sale included Crypto.com Capital, CMCC Global, Hivemind, Hard Yaka, Red Beard Ventures, FiveT, SwissBorg Ventures, 720Mau5, and DAO Jones. The last group is a decentralized autonomous organization comprised of high-profile music industry figures such as Steve Aoki.

    The public auction will begin soon.

    The monies earned in the private sale will be used to extend the LimeWire ecosystem by onboarding new talent, exploring partnerships, supporting artists, and keeping highly-curated material on the LimeWire platform.

    The company has also announced a public auction in the near future, which will provide more people access to the LMWR token. Holders will also be eligible for a token reward scheme, which will lower their trading fees and provide them access to unique community perks and events. The future seems even brighter for LMWR holders, with the team claiming that they will have a say in critical community decisions like as voting on musical artists included in the marketplace. The campaign will go live in late May 2022, and the digital collectibles marketplace will follow shortly after.

    Another Peer-to-Peer Sharing Platform Choosing Blockchain Technology

    LimeWire, a popular music-focused peer-to-peer file sharing and downloading platform in the early 2000s, has relaunched itself as a platform for trading and purchasing musical NFTs. BitTorrent, another major peer-to-peer file sharing technology, has also been exploring blockchain technologies in search of a fully decentralized structure. Back in November 2021, BitTorrent collaborated with the premier public chain TRON to launch the BitTorrent Chain (BTTC) test network, a cross-chain scaling solution.

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