Business

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

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

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

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

With this round, LimeWire says it has onboarded strategic investors with “strong networks in the crypto space” who 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 bring “major music artists” to its platform.

The company says its recruitment campaign will be “broadly geared towards roles supporting artists” and “curating quality content on the platform.”

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

According to LimeWire, LMWR token holders “can participate in a token rewards program, minimize their trading fees on the platform, and enjoy access to exclusive community perks and regular LimeWire events.”

Later, according to LimeWire, token holders will also “play a fundamental role in deciding which emerging artists to support” and be featured in the Marketplace.

LimeWire recently announced that it was relaunching as a “mainstream-ready digital collectibles marketplace” for arts and entertainment, with an initial focus on music.

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

“LimeWire’s digital collectibles marketplace offers artists a powerful toolbox to seize this immense 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 yet to be discovered,” said Akshi Federici, Partner, Kraken Ventures.

“As artists return to performing in front of live audiences, positioning NFTs as exclusive backstage passes or access to unreleased content becomes an invaluable way to drive direct engagement and loyalty with fans.

“LimeWire’s digital collectibles marketplace offers artists a powerful toolbox to seize this immense opportunity.”

“We are pleased to have Kraken Ventures, Arrington Capital and GSR leading our private token sale, all of which bring significant strategic value to LimeWire and have a track record of investing in disruptive technologies.”

Julian and Paul Zehetmayr, LimeWire

Brothers Julian and Paul Zehetmayr, Co-CEOs of LimeWire, said: “We are pleased to have Kraken Ventures, Arrington Capital and GSR leading our private token sale, all of which bring significant strategic value to LimeWire and a track record of investing in disruptive companies can boast technology. Your support strengthens our mission at LimeWire to bring the world of NFTs to a mainstream audience, starting with music collectibles.

“We also expect strong interest in the public token sale later this year. The LMWR token is at the heart of the LimeWire ecosystem, allowing users to actively participate not only in our community but also in what is happening in the marketplace.”

“The LimeWire team has the skills and dedication to build a trusted platform that can take the market mainstream and bring tremendous benefits to artists and fans.”

Bobby Bao, Crypto.com

Bobby Bao, Co-Founder and CEO of Crypto.com, said, “The market opportunity for digital collectibles is huge but not fully realized yet.

“The LimeWire team has the skills and dedication to build a trusted platform that can take the market mainstream and bring tremendous benefits to artists and fans.”music business worldwide

https://www.musicbusinessworldwide.com/former-file-sharing-platform-limewire-raises-10-4m-in-private-token-sale-to-grow-its-nft-marketplace/ Former file-sharing platform LimeWire raises $10.4 million from private token sales to grow its NFT marketplace

Fry Electronics Team

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