The LMWR token raked in around $10.4 million in the private sale, led by investors like Kraken Ventures, Arrington Capital, and GSR.
Private Sale Ropes In Leading Investors
The news about the private sale round broke on Thursday when the team announced it via a blog post on its website. Speaking on his company’s investment, Akshi Federici, Partner at Kraken Ventures, noted that,
“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.”
The private sale also saw participation from investors like 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 that includes high-profile individuals from the music industry like Steve Aoki.
Public Sale Coming Soon
The team intends to use the funds raised in the private sale to expand the LimeWire ecosystem by onboarding new talent, pursuing collaborations, supporting artists, and maintaining highly-curated content on the LimeWire platform.
The team has also promised a public sale not too far down the road, which will open further access to the LMWR token. In addition, holders will be eligible for a token reward program to reduce their trading fees and give them access to exclusive community perks and events. The future shows even more promise for LMWR holders as the team claims they will get a voice in important community decisions like voting on musical artists featured in the marketplace. The campaign is launching in late May 2022, soon followed by the digital collectibles marketplace.
Another P2P Sharing Platform Choosing Blockchain Tech
The popular music-focused, peer-to-peer file sharing and downloading platform of the early 2000s, LimeWire has repositioned itself as a platform to facilitate the trading and purchasing of musical NFTs. Another popular peer-to-peer file sharing platform, BitTorrent, has also been delving into blockchain technologies in pursuit of a fully decentralized structure. Back in November 2021, BitTorrent worked with the leading public chain TRON to launch the cross-chain scaling solution, the BitTorrent Chain (BTTC) test network.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
