Legacy File Sharing Platform LimeWire Raises $10.4M in Private Token Sale to Grow Its NFT Marketplace

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

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

Investment 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, an investor group made up of leading 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,” which it believes will help its market and token ecosystem “move at a higher rate.”

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

The company says its recruiting drive will be “largely geared toward roles that support artists” and that “curate high-quality content on the platform.”

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

According to LimeWire, holders of its LMWR token will be able to “participate in a token reward program, minimize their trading fees on the platform, and gain access to exclusive community benefits and regular LimeWire events.”

LimeWire says that, going forward, token holders will also play “a fundamental role in deciding which up-and-coming artists will be supported” by its platform and featured in the marketplace.

LimeWire recently announced that it is to restart as a “consumer-ready digital collectibles marketplace” for art and entertainment, initially focusing on music.

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

“LimeWire’s Digital Collectibles Marketplace provides artists with a powerful set of tools 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 within the music industry, where many use cases remain undiscovered,” Akshi said. Federici, Partner, Kraken Ventures.

“As artists once again perform for live audiences, positioning NFTs as exclusive backstage passes or access to never-before-seen content will become an invaluable avenue to build live engagement and loyalty among fans.

“LimeWire’s Digital Collectibles Marketplace provides artists with a powerful set of tools to seize this immense opportunity.”

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

Julian and Paul Zehetmayr, LimeWire

LimeWire co-CEOs Julian and Paul Zehetmayr said, “We are delighted to have Kraken Ventures, Arrington Capital and GSR leading our private sale of tokens, all of which bring significant strategic value to LimeWire and have track records of investment in disruptive solutions. Technology. Their support furthers our mission at LimeWire to open 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 and allows users to actively participate not only in our community, but also in what is happening. goes on the market.

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

Bobby Bao, Crypto.com

Bobby Bao, Co-Founder and Managing Director of Crypto.com, said, “The opportunity in the digital collectibles market is huge, but not fully exploited.

“The LimeWire team has the skills and dedication to create a trusted platform that can enter the market and bring tremendous benefits to artists and fans.”The music industry around the world

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