Peer-to-peer file sharing company LimeWire had raised $10.4 Million in a private token sale led by Arrington Capital, Kraken Ventures and GSR to enhance their platform for music-linked NFTs.
To begin with, LimeWire will keep a sharp focus on music-linked NFTs. Artists and fans will get access to create, buy and even trade digital collectibles easily without any hassles that are commonly faced in the NFT marketplace.
Perks like digital merchandise, backstage content, pre-release songs, unreleased demos and graphical artwork will be included with the NFTs.
Akshi Federici, a partner at Kraken Ventures said “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 will conduct a public sale of LMWR tokens later this year. These tokens will provide numerous profits to the holders like access to LimeWire events and even exclusive community perks.
The brand will attempt to incorporate major music artists to their platform and expand its team from these funds. Holders will also play a crucial part in deciding which up-and-coming artists will get support from LimeWire.
The trend of digitising music is still alive and kicking, and many folks are jumping on board. Just last month, LimeWire declared that it would return, more than a decade after its demise, to the Internet as an NFT marketplace, focusing primarily on music. It also said that it would issue NFTs and tokens through Algorand
Investors like Crypto.com Capital, CMCC Global, Hivemind, Hard Yaka, Red Beard Ventures, FiveT and 720Mau5 also participated in the round.
