The End Of Its Legal Battle, The Previous File-Sharing Platform Known As LimeWire Has Come To The Conclusion Of Its Legal Dispute

The digital collectibles marketplace, LimeWire, which was formerly a file-sharing platform, has successfully secured a total of USD $17.5 million in funding through the sale of its cryptocurrency token, LMWR, across various funding rounds.

The aforementioned statement indicates that the enterprise has surpassed its initial objective of securing $15 million in funding and has presently attained over 50% of its ultimate fundraising goal of $30 million.

The LMWR token’s initial coin offering (ICO) was made available to the general public on May 2nd and concluded on May 11th. The residual tokens are scheduled for incineration, and LMWR is slated to commence trading on various international exchanges on Tuesday, May 16th.

Individuals who have procured LMWR tokens will be granted automatic access to accounts on limewire.com, utilizing the same email address utilized during the purchase transaction. Individuals who made a purchase of LMWR during the pre-sale phase for the community are eligible to receive their tokens through the identical procedure. The LMWR tokens will be subject to vesting and will be automatically credited to the LimeWire account that was utilized during the community sale launchpad, Tokensoft.

During the presale, a total of $400,000 worth of LMWR was raised, with $200,000 being sold within the initial 30-minute period of the sale.

The transition of LimeWire into an NFT marketplace is noteworthy, given its previous notoriety in the early 2000s for enabling music piracy through its peer-to-peer file-sharing software.

In the previous fiscal year, the organization successfully generated a total of $10.4 million through a private sale of its LMWR token. The funding round was spearheaded by Kraken Ventures, Arrington Capital, and GSR, and was joined by other notable investors such as Crypto.com Capital, CMCC Global, Hivemind, Hard Yaka, Red Beard Ventures, FiveT, 720Mau5, and DAO Jones, which comprises prominent figures from the music industry, including renowned electronic music artist Steve Aoki.

LimeWire expressed its intention to utilize the generated revenue to expand its workforce and enhance its collaborative relationships. The platform has additionally articulated its intention to incorporate significant music artists onto its platform.

Following the aforementioned declaration, LimeWire entered into a significant agreement with Universal Music Group, whereby the latter granted licenses to LimeWire, enabling the latter to collaborate with UMG artists and introduce music-oriented NFT initiatives via the LimeWire platform.

In the previous month, LimeWire introduced a novel subscription service that caters to diverse creators and brands, extending beyond the realm of music.

Since our re-launch in July of the previous year, we have been proactively involved in interacting with artists to comprehend their requirements and ambitions. In April, LimeWire stated that they have endeavored to address persistent obstacles encountered by content creators in the contemporary digital environment, including challenges related to revenue generation, content proprietorship, and community administration, through means of transparent communication and cooperation.

According to LimeWire, it is a pioneering artist subscription platform that offers exclusive content ownership to its fans and followers.

The proposed subscription model enables enthusiasts to subscribe to their preferred creators, artists, and brands. Additionally, they can procure exclusive paid content and engage with other members in the creator’s community.

LimeWire asserted that blockchain technology enables content creators to safeguard their intellectual property from unauthorized use and infringement. Content creators have the ability to generate passive streams of revenue through the receipt of royalties and pay-per-view income as they create and distribute their content.

The End Of Its Legal Battle, The Previous File-Sharing Platform Known As LimeWire Has Come To The Conclusion Of Its Legal Dispute

The digital collectibles marketplace, LimeWire, which was formerly a file-sharing platform, has successfully secured a total of USD $17.5 million in funding through the sale of its cryptocurrency token, LMWR, across various funding rounds.

Download The Radiant App To Start Watching!