LimeWire announced the closing of its private sale for LMWR token, accruing over 10 million dollars. The funds will be used to launch LimeWire’s digital collectibles marketplace in 2022 itself.
The venture aims to provide digital collectibles to every user regardless of their tech-savviness or budget. LimeWire is ready to announce more details about the project with signed artists in the coming months.
GSR, Arrington Capital, and Kraken Ventures led the recent token sale round, closing at around 10.4 million dollars. Additional names, like CMCC Global, Crypto.com, Red Beard Ventures, Hard Yaka, SwissBorg Ventures, Deadmau5, FiveT, etc., also participated in the round.
Besides the digital collectibles, LimeWire will use the funds to seamlessly merge the music and crypto industry. In addition, they will grow their team, support artists, curate quality content, and extend partnerships on the platform.
Akshi Federici, Kraken Ventures’ Partner, talked about the recent development. According to Federici, the LimeWire team has curated a feature-rich platform positioned to boost the digital collectibles domain in the music sector. Since the industry is yet to explore several use-cases, LimeWire’s role in the coming time will be crucial.
Bobby Bao, Crypto.com’s Managing Director, and Co-Founder, also emphasized the importance of the digital collectible market. According to Bao, the sector is still finding new opportunities, and the LimeWire team possesses the dedication & skill to steer the industry aptly. They can help the domain gain mainstream adoption across the globe, added Bao.
Using these funds, the official launch campaign is most likely to commence in late May 2022. LimeWire plans on launching its digital collectibles marketplace soon after the event. While its initial focus remains on music-based collectibles, the platform will surely bring down NFT trading barriers.