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LimeWire has completed the private sale of its new token as it gears up to relaunch its platform as an NFT marketplace.
The platform which gained popularity by allowing illegal downloads of music and movies files by millions of users, has now racked up over $10.4 million of funding through its token private sale.
Early investors in the platform include Crypto.com Capital, Kraken Ventures, Deadmau5, and Arrington Capital. Another notable name involved in the sale was DAO Jones — a group of music industry investors in which Steve Aoki is recognized as a member.
According to LimeWire, the platform “will use these funds and strong connections within the crypto and music industry to grow our team, extend partnerships, support artists, and curate high-quality content.”
Speaking about the platform, Akshi Federici — a partner of Kraken Ventures, said that LimeWire is ”uniquely positioned to increase participation in digital collectibles within the music industry”.
He further added:
“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.”
Crypto.com also made some comments concerning LimeWire as it cited that the opportunities offered by the NFT market have not been fully realized as of present, and there is room for more innovation.
Consequently, investors and holders of LMWR will be able to reduce trading fees and access exclusive benefits and perks. In the near future, they will be given the right to vote for the next artists that will be featured on the marketplace.
Also, following the successful completion of its token private sale, a public sale is also scheduled to take place later in the year, and prior announcements will be made before then.