Former file-sharing platform LimeWire raises $10.4m in private token sale to grow its NFT marketplace – Music Business Worldwide

LimeWire, the file-sharing platform relaunched as a digital collectibles marketplace has raised USD $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, a group of investors consisting of high-profile members from the music industry, including well-known electronic music artist Steve Aoki.

With this round, LimeWire says that it has onboarded strategic investors with “strong networks in the crypto space”, which it says will help its marketplace and token ecosystem “scale at a higher pace”.

LimeWire plans to use the funds raised to grow its team and extend partnerships. It also plans “to onboard major music artists” onto its platform.

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

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

According to LimeWire, holders of its LMWR token will be able to “participate in a token reward program, reduce their trading fees on the platform to a minimum as well as enjoy access to exclusive community perks and regular LimeWire events”.

LimeWire says that, further down the line, token holders will also get to play “a fundamental role in deciding which up-and-coming artists are supported” by its the platform and get featured on the marketplace.

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

The company says that it aims to “bring digital collectibles to 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 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’s uniquely positioned to increase participation in digital collectibles within the music industry, where many use cases are yet to be discovered,” said Akshi Federici, Partner, Kraken Ventures.

“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.”

“We are excited 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 technology.”

Julian and Paul Zehetmayr, LimeWire

Brothers Julian and Paul Zehetmayr, LimeWire Co-CEOs, said: “We are excited 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 technology. Their support reinforces our mission at LimeWire to open up 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 sits at the heart of the LimeWire ecosystem and allows users to actively participate not only in our community but also in what happens on the marketplace.”

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

Bobby Bao, Crypto.com

Bobby Bao, Co-Founder and Managing Director, Crypto.com, said: “The digital collectible market opportunity is huge, but it’s not being fully realised.

“The LimeWire team has the skill and dedication to build a trusted platform that can take the market mainstream and bring huge benefits to artists and fans.”Music Business Worldwide