limewire said May 9 that it raised over $16 million for its revived platform through the sale of its cryptocurrency token (LMWR).
LimeWire Surpasses $15M Goal
With $16.5 million raised, LimeWire has surpassed its $15 million funding goal and is more than halfway through its $30 million fundraising threshold.
The project’s website says the sale will close on May 11 and the token will be listed on four major exchanges starting May 16.
The project raised funds in fiat currencies as well as cryptocurrencies including Ethereum (ETH), Bitcoin (BTC) USD Coin (USDC), Tether (USD) and Binance Coin (BNB). It added support for XRP, Cardano (ADA) and Polygon (MATIC) payments around May 6th.
LimeWire previously announced on April 21 that it had raised $10 million through a private sale led by Kraken Ventures, Arrington Capital and GSR.
NFT platform for creators
LimeWire is best known as a file-sharing service active in the early 2000s. The platform became controversial for enabling copyright infringement of music and faced lawsuits from the recording industry. LimeWire was eventually shut down around 2010.
However, the revived version of LimeWire will serve as a platform for music artists instead. Creators will be able to create content on blockchain-based content and monetize that content with cryptocurrency rewards, payments, and subscriptions.
Content on the platform will be stored and traded in the form of non-fungible tokens (NFTs), and access to that content can be held behind NFTs and other tokens.
