LimeWire, the file-sharing platform relaunched as a digital collectibles market has raised USD $10.4 million in a non-public sale of its LMWR token.
The spherical was led by Kraken Ventures, Arrington Capital and GSR.
Funding additionally got here from Crypto.com Capital, CMCC International, Hivemind, Laborious Yaka, Pink Beard Ventures, FiveT, 720Mau5, the fund behind Canadian music producer Deadmau5, in addition to DAO Jones, a gaggle of buyers consisting of high-profile members from the music business, together with well-known digital music artist Steve Aoki.
With this spherical, LimeWire says that it has onboarded strategic buyers with “robust networks within the crypto area”, which it says will assist its market and token ecosystem “scale at a better tempo”.
LimeWire plans to make use of the funds raised to develop its crew and lengthen partnerships. It additionally plans “to onboard main music artists” onto its platform.
The corporate says that its recruitment drive shall be “geared largely in the direction of roles that assist artists” and that “curate prime quality content material on the platform”.
LimeWire will kick off its official launch marketing campaign later this yr and open up its digital collectibles market shortly thereafter.
In line with LimeWire, holders of its LMWR token will have the ability to “take part in a token reward program, scale back their buying and selling charges on the platform to a minimal in addition to get pleasure from entry to unique group perks and common LimeWire occasions”.
LimeWire says that, additional down the road, token holders may even get to play “a elementary function in deciding which up-and-coming artists are supported” by its the platform and get featured on {the marketplace}.
LimeWire lately introduced that it’s relaunching as a “mainstream-ready digital collectibles market” for artwork and leisure, initially specializing in music.
The corporate says that it goals to “convey digital collectibles to the mainstream and onboard a million customers inside the first yr by partnerships with main artists within the music business”.
“LimeWire’s digital collectibles market supplies artists with a strong set of instruments to grab this immense alternative.”
Akshi Federici, Companion, Kraken Ventures
“The LimeWire crew has developed a platform that’s uniquely positioned to extend participation in digital collectibles inside the music business, the place many use instances are but to be found,” stated Akshi Federici, Companion, Kraken Ventures.
“As artists carry out for stay audiences once more, positioning NFTs as unique backstage passes or entry to unreleased content material will change into a useful avenue to strengthen direct engagement and loyalty with followers.
“LimeWire’s digital collectibles market supplies artists with a strong set of instruments to grab this immense alternative.”
“We’re excited to have Kraken Ventures, Arrington Capital and GSR main our personal token sale, all of which convey important strategic worth to LimeWire and have a monitor report of investing in disruptive expertise.”
Julian and Paul Zehetmayr, LimeWire
Brothers Julian and Paul Zehetmayr, LimeWire Co-CEOs, stated: “We’re excited to have Kraken Ventures, Arrington Capital and GSR main our personal token sale, all of which convey important strategic worth to LimeWire and have a monitor report of investing in disruptive expertise. Their assist reinforces our mission at LimeWire to open up the world of NFTs to a mainstream viewers, beginning with music collectibles.
“We additionally anticipate robust curiosity within the public token sale later this yr. The LMWR token sits on the coronary heart of the LimeWire ecosystem and permits customers to actively take part not solely in our group but in addition in what occurs on {the marketplace}.”
“The LimeWire crew has the ability and dedication to construct a trusted platform that may take the market mainstream and produce enormous advantages to artists and followers.”
Bobby Bao, Crypto.com
Bobby Bao, Co-Founder and Managing Director, Crypto.com, stated: “The digital collectible market alternative is big, however it’s not being totally realised.
“The LimeWire crew has the ability and dedication to construct a trusted platform that may take the market mainstream and produce enormous advantages to artists and followers.”Music Enterprise Worldwide
