LimeWire Raises $10.4M to Build Music-Focused NFT Platform

The funding was raised via a private token sale co-led by Kraken Ventures, Arrington Capital and GSR.
Image source: LimeWire

Quick take:

  • The platform will initially focus on music-related NFTs including limited editions, pre-release songs, and unreleased demos.
  • Funds will be used to grow its team, extend partnerships and onboard artists to the platform.
  • A public sale of LMWR tokens will take place later this year.

LimeWire announced today that it has successfully closed its private sale for the LMWR token at $10.4 million. The private token sale was co-led by Kraken Ventures, Arrington Capital and GSR. 

Additional investors included 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 from the music industry, including electronic music artist Steve Aoki.

This news comes after LimeWire revealed its relaunch as an NFT marketplace for art and entertainment, initially focusing on music, on the Algorand blockchain. Limewire was widely used as a peer-to-peer file-sharing client to download music and media files in the 2000s.

With its comeback, the platform aims to be a one-stop shop for artists and fans alike to create, buy and trade digital collectibles without the technical hurdles of the current NFT landscape.

LimeWire also aims to make onboarding easy for NFT newbies with quick and easy signup and items priced in US dollars. There is no crypto wallet prerequisite, so users will be able to purchase NFTs directly via credit card, bank transfer and other fiat gateways thanks to a partnership with payment platform Wyre.

Once launched, music fans and collectors will be able to buy and trade a variety of music-related assets, such as limited editions, pre-release music, unreleased demos, graphical artwork, exclusive live versions, as well as digital merchandise and backstage content.

The team is working on bringing digital collectibles to the mainstream and hopes to onboard one million users within the first year through partnerships with major artists in the music industry. LimeWire says it will use the funds and strong connections within the music industry to grow its team, extend partnerships and onboard artists to the platform. 

“In an increasingly difficult industry with streaming taking over and ownership taking a back seat, we are working to put artists and give them full flexibility and control when it comes to their content. It’s important to note that we are not relaunching LimeWire as an alternative to streaming platforms, but rather as an additional channel for artists to sell exclusive music and art directly to collectors,” said Julian Zehetmayr, LimeWire Co-CEO.

LimeWire will conduct a public token sale later this year. Holders of the LMWR token will have exclusive community access, voting mechanisms, and a reward system. The token also reduces users’ trading fees.

Further down the line, users will also be able to play a role in deciding which up-and-coming artists the platform should feature and support. 

LimeWire will kick off its launch in May and open up its NFT marketplace shortly thereafter.  Creators and artists interested in launching NFTs on LimeWire can now sign up for early access on the waitlist page.

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