LimeWire, an old torrent platform, has taken a step in favor of the crypto ecosystem. It will participate in the non fungible token (NFT) market, relying on the music and bitcoin (BTC) industry and other digital asset-related companies.

In a press release, the company, which has been little known for a few years, announced that it has raised $10 million from a private sale of the LMWR token, in negotiations led by Kraken Ventures, Arrington Capital. and RSG.

As it has noted, based on the investment, they plan to launch their own NFT marketplace, which will appear in late 2022.

“Our goal at LimeWire is to bring digital collectibles to everyone, regardless of budget or technological know-how. Our digital collectibles marketplace will be launching in the coming months, and we will be announcing more details and signed artists soon”, they said.

For Kraken Ventures partner Aksha Federici, LimeWire has developed a complete platform that can scale the use of collectible tokens in the music industry, "where there are still many use cases to be discovered."

The investor group

          According to LimeWire, in addition to the three major investors mentioned above, other companies such as Crypto.com Capital, CMCC Global, Hivemind, Hard Yaka, Red Beard Ventures, FiveT Fintech, DeepTech Venture and SwissBorg Ventures have participated.

LimeWire said the funds and the "strong connections" it established during the round will be used to grow the team, expand partnerships, support artists and select high-quality content to deliver over the long term.

LMWR at the heart of the ecosystem

          According to LimeWire, the LMWR token will operate "at the heart of the ecosystem" of the platform. As such, they will have their own currency that they will donate to through the services they provide and the NFT. In addition, holders of these assets will have the option to participate in the token bounty program.

They will also be able to minimize their bids on the platform and, as they say, "enjoy exclusive benefits," such as identifying new LimeWire music artists they should support.

While this project is still in development, LimeWire predicts a launch campaign in late May 2022, which will open up the NFT marketplace on the platform with a focus on music collections.

Irving Arrieta