Do you remember LimeWire revived to create NFT market
Key facts
LimeWire raised $10 million to launch LMWR token.
Dozens of investors are interested in LimeWire's NFT Market project.
Long-running torrent platform LimeWire has taken a step in favor of the cryptocurrency ecosystem. It will fully enter the non-fungible tokens (NFT) market, relying on the music industry and companies tied to Bitcoin (BTC) and other digital assets.
In a press release, the company, little heard of since its boom a few years ago, reported raising $10 million for the private sale of the LMWR token, a negotiation led by Kraken Ventures, Arrington Capital and GSR.
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As indicated, based on the investment, they intend to launch their own NFT market, which will see the light of day by the end of 2022.
“Our goal at LimeWire is to make digital collectibles available to everyone, regardless of budget or tech experience. Our digital collectibles marketplace will be launching in the coming months, with more details and signed artists to be announced soon.”
For Akshi Federici, partner at Kraken Ventures, LimeWire has developed a complete platform that has the potential to increase token engagement in the music industry, “where there are still many use cases to explore.”
“As artists return to performing for live audiences, position NFTs as exclusive behind-the-scenes pathways or access to previously unreleased content; they will become an invaluable way to build direct interaction and loyalty with fans. LimeWire’s digital collectibles marketplace provides artists with a powerful set of tools to tap into of this tremendous opportunity."
Akshay Federici, Partner at Kraken Ventures
LimeWire raised $10 million to purchase its LMWR token. Source: LimeWire.
LimeWire is a torrenting platform that in the past allowed direct downloading of music and other items. It was identified at that time as one of the most important P2P platforms, where various files could be accessed without much problems, as they were shared between users through the LimeWire server.
Dozens of investors
According to LimeWire, in addition to the three main investors mentioned above, other companies were also present, such as Crypto.com Capital, CMCC Global, Hivemind, Hard Yaka, Red Beard Ventures, FiveT Fintech, DeepTech Venture and SwissBorg Ventures.
The amazing thing is that among the investors, 720Mau5, the fund behind Canadian music producer Deadmau5, also stood out. There was also DAO Jones, an investment group made up of such notable figures in the music industry as electronic music producer Steve Aoki.
LimeWire maintains that the money and "strong connections" they made from the tour will be used to grow the team, expand partnerships, support artists, and curate high-quality content to be offered on the long-running platform.
Bobby Bao, CEO of the Crypto.com exchange, says there is a “huge opportunity” in the market for collectible tokens that has not been fully exploited. Because of this, he argues, the LimeWire team "has the skill and dedication to build a trusted platform that can take the mainstream in the market and bring significant benefits to artists and fans."
Anyway, and if the NFT market for LimeWire materializes, the company has massive competition ahead. A prime example is OpenSea, one of the largest markets in this collectible ecosystem. As of March 31, there was a capitalization of $840 million in NFTs listed on that site.
LMWR is at the 'heart' of the ecosystem
According to information from LimeWire, the LMWR token will run “at the heart of the torrent platform” ecosystem. Therefore, it looks like they will have their own currency, which they will give the movement with the services and NFT to offer. In addition, those who own these assets will have the opportunity to be part of the token rewards program.
They will also be able to reduce their prices within that platform, as they say, "enjoy the exclusive benefits." They can then decide which emerging music artists LimeWire should support.
LimeWire announced its plans on social media as well. Source: LimeWire / Twitter.
Although it is still a project in development, LimeWire expects the launch campaign to begin at the end of May 2022, opening up the NFT market within that platform, focusing first on music collectibles.
“The platform is designed to significantly reduce barriers to entry into the world of NFTs and make it easier to buy, collect and trade collectibles,” they say from LimeWire.
