Limewire’s Blockchain Comeback: $16M in Funding Secured

Key Points:

• LMWR raised over $16M for its blockchain-focused revival.
• LMWR surpassed its $15M funding goal and is over half-way to its $30M fundraising limit.
• LMWR’s revived version is a platform for music artists to create content on blockchain-based content.

Limewire announced that it had raised over $16 million for its revived platform through sales of its cryptocurrency token (LMWR).

The company successfully surpassed its initial funding goal of $15 million and is on its way towards its $30 million fundraising limit.

With over $16M raised between our private and public rounds, there are now 48 hours left to participate in the #LMWR Public Sale.

You can purchase on https://t.co/Q5JjPgfMmn before the sale closes on May 11th.

Exchange listings on May 16th. Announcements coming soon! pic.twitter.com/KnDKXh5VXd

— LimeWire (@limewire) May 9, 2023

The project’s website also revealed that the sale will end on May 11 and that the LMWR token will be listed on four major exchanges starting on May 16. In order to raise funds, Limewire accepted both fiat and cryptocurrencies, such as Ethereum (ETH), Bitcoin (BTC), USD Coin (USDC), Tether (USD), and Binance Coin (BNB). During the week of May 6, LMWR added support for XRP, Cardano (ADA), and Polygon (MATIC) payments.

Limewire rose to fame as a file-sharing service active in the early 2000s. However, the platform became notorious for enabling copyright infringement of music and subsequently faced legal challenges from the recording industry. Limewire was eventually forced to shut down around 2010.

Despite its past, LMWR’s revived version is now focused on serving as a platform for music artists. Creators will be able to generate blockchain-based content, which they can monetize with cryptocurrency rewards, payments, and subscriptions. Additionally, all content on the platform will be stored and traded as non-fungible tokens (NFTs), allowing creators to offer their fans unique digital items and experiences.

Limewire evolve from a controversial file-sharing service to a platform that supports the artistic community and the emerging world of NFTs. With Limewire’s diverse range of accepted payment options and the potential for unique NFT offerings from creators, it is no wonder that the platform has already surpassed its initial fundraising goal.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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