Limewire says it has surpassed its $15 million funding goal, more than halfway to its limit of $30 million.
The project raised funds in fiat and cryptocurrencies including Ethereum (ETH), Bitcoin (BTC), USD Coin (USDC), Tether (USDT), and Binance Coin (BNB). Limewire also added payments support for Ripple (XRP), Cardano (ADA), and Polygon (MATIC) chains on May 6.
In April 2022, the platform announced it raised $10.4 million via a private token sale led by Kraken Ventures, Arrington Capital, and GSR as it focuses on building out its music NFT offering. The company is hoping to revolutionize how the music industry approaches crypto and NFT projects utilizing the name of a popular music piracy app from the early 2000s.
Aside from the name and the branding however, nothing about the business is the same. The team behind the Limewire resurrection is based across Vienna, London, and Berlin. The platform aims to allow fans and artists to create, buy, and trade digital collectibles without many of the technical hurdles that limit NFT adoption in the current landscape.
“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,” adds Akshi Federici, a partner at Kraken Ventures.
Limewire (LMWR) tokens will be listed on public exchanges on May 16. Holding LMWR tokens will reduce trading fees on the platform, allow fans to gain access to exclusive community perks, and regular Limewire events. The platform says further down the line, token holders will begin to play a role in deciding which up-and-coming artists are supported by the Limewire platform and marketplace in the future.
Investors in Limewire include Crypto.com Capital, CMCC Global, Hivemind, Hard Yaka, Red Beard Venture, FiveT Fintech, DeepTech Ventures, SwissBorg Ventures, 720Mau5, and DAO Jones.