Limewire said May 9 that it raised more than $16 million for its revived platform through sales of its cryptocurrency token (LMWR).
Limewire surpasses $15M goal
By raising $16.5 million, Limewire has surpassed its $15 million funding goal and is more than halfway to its $30 million fundraising limit.
The project’s website says that the sale will close on May 11 and that the token will be listed on four major exchanges beginning on May 16.
The project raised funds in fiat as well as cryptocurrencies, including Ethereum (ETH), Bitcoin (BTC) USD Coin (USDC), Tether (USD), and Binance Coin (BNB). It added support for XRP, Cardano (ADA), and Polygon (MATIC) payments around May 6.
Limewire previously announced on April 21 that it had raised $10 million through a private sale led by led by Kraken Ventures, Arrington Capital, and GSR.
NFT platform for creators
Limewire is best known as a file-sharing service active in the early 2000s. The platform became controversial for enabling copyright infringement of music and faced lawsuits from the recording industry. Limewire was eventually shut down circa 2010.
However, Limewire’s revived version will instead serve as a platform for music artists. Creators will be able to create content on blockchain-based content and monetize that content with cryptocurrency rewards, payments, and subscriptions.
Content on the platform will be stored and traded as non-fungible tokens (NFTs), and access to that content can be gated behind NFTs and other tokens.
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