In March we reported on former filesharing service LimeWire’s plans to return as an NFTs marketplace. Now the company has raised $10.4m in a sale of its LMWR token to drive those plans.
While VC firms including Kraken Ventures, Arrington Capital and GSR led the investment, there are also some music figures involved: deadmau5’s 720Mau5 fund, and DAO Jones, a group of music investors including artist Steve Aoki.
The token sale comes ahead of LimeWire’s planned marketplace launch later this year, which will include another round of token sales to members of the public. “Holders of the LMWR token will be able to participate in a token reward program, reduce their trading fees on the platform to a minimum as well as enjoy access to exclusive community perks and regular LimeWire events,” said LimeWire, adding that the initial focus for its marketplace will be on “music collectibles”.