The new, NFT-focused version of LimeWire has raised $17.5 million through a token sale
LimeWire has taken another step towards the impending relaunch. The platform that served as a peer-to-peer file sharing service in the 2000s has grown 17.5 million dollars through public sale of its LMWR the crypto token.
Although it gained notoriety as a haven for torrenting, LimeWire is now aiming for a different business model. In collaboration with artists, the relaunched version of the platform will use NFTs to facilitate exclusive music experiences. Key to that ecosystem is the LMWR token, which acts as a form of currency on LimeWire and provides holders with several benefits, including voting rights in the community and early access to goods.
“LimeWire is a platform for content creators, artists and brands to create member-based communities,” reads a brief description on the LMWR homepage. “Creators can build recurring revenue streams by offering fans exclusive access to their community and travel as an artist. Through blockchain technology, we make exclusive content and assets owned and tradable, allowing fans to not only consume content, but also directly participate in the success of the creators they support.”
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The first wave of LMWR distribution came through a private token sale that ended last April. LimeWire raised more than $10 million in that round and received support from well-known musicians such as Deadmau5 and Steve Aoki. A pre-sale to the community in March 2023 generated a sell-out, and it was followed two months later by the start of LMWR’s public sale. Nine days after opening that round, LimeWire reported total fundraising of $17.5 and issued claim instructions for buyers.
✅ The #LMWR The token sale is now closed and we raised $17,750,000.
Next step:
🔥 As promised, remaining tokens will be burned – we’ll give you details shortly.
📄 Information about the claim process is available at https://t.co/Q5JjPgfMmn
📈 Stock market listings (May 16) will be announced soon pic.twitter.com/4p2dTWcas2— LimeWire (@limewire) 11 May 2023
It’s a tough time to get into the crypto game, but LimeWire Co-CEOs Julian and Paul Zehetmayr have a plan. The Austrian brothers, who bought the LimeWire rights from their former owners, believe they can harness the nostalgia to turn a 2000s cultural touchstone into a Web3 hit.
Nothing exemplifies this strategy better than LimeWire game, which Zehetmayrs rolled out ahead of the public LMWR sale. The desktop-only contest asks players to revisit the old LimeWire by downloading as many early-aughts jams as they can (without hitting a virus). The players with the six highest scores in the game were rewarded with LMWR tokens.
“Following the recent launch of our subscription model, we are thrilled to honor the legacy of LimeWire with this game,” said Paul Zehetmayr. “The early 2000s was a formative time for digital music, and we want to celebrate that period while connecting with old and new fans.”
