LimeWire has taken another step toward its impending relaunch. The platform that operated as a peer-to-peer file-sharing service in the 2000s has raised $17.5 million through the public sale of its LMWR crypto token.
Though it became infamous as a haven for torrenting, LimeWire now has its sights set on a different business model. Working alongside artists, the relaunched version of the platform will use NFTs to facilitate exclusive music experiences. The key to that ecosystem is the LMWR token, which serves as a form of currency on LimeWire and provides holders with several perks, including community voting rights and early access to merch.
“LimeWire is a platform for content creators, artists, and brands to create membership-based communities,” reads a brief description on the LMWR homepage. “Creators can build recurring revenue streams by offering fans exclusive access to their community and journey as an artist. Through blockchain technology, we make exclusive content and assets ownable and tradeable, allowing fans to not only consume content but also to directly participate in the success of the creators they support.”
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The first wave LMWR distribution came through a private token sale that closed last April. LimeWire raised more than $10 million in that round and gained support from notable musicians like Deadmau5 and Steve Aoki. A community pre-sale in March 2023 generated a sellout, and it was followed two months later by the start of LMWR’s public sale. Nine days after opening that round, LimeWire reported a fundraising total of $17.5 and provided claim instructions for buyers.
✅ The #LMWR token sale is now closed & we raised $17,750,000.
Next steps:
🔥 As promised, remaining tokens will be burned – we’ll provide details shortly.
📄 Info on the claim process is available at https://t.co/Q5JjPgfMmn
📈 Exchange Listings (May 16) will be announced soon pic.twitter.com/4p2dTWcas2— LimeWire (@limewire) May 11, 2023
It’s a tricky time to be getting into the crypto game, but LimeWire Co-CEOs Julian and Paul Zehetmayr have a plan. The Austrian brothers, who acquired the LimeWire rights from its previous owners, believe that they can harness nostalgia to turn a 2000s cultural touchstone into a Web3 hit.
Nothing exemplifies that strategy better than the LimeWire Game, which the Zehetmayrs rolled out ahead of the public LMWR sale. The desktop-only competition asks players to revisit the old LimeWire by downloading as many early-aughts jams as they can (without hitting a virus). The players with the six highest scores in the game earned LMWR tokens as their rewards.
“After the recent launch of our subscription model, we are thrilled to honor the legacy of LimeWire with this game,” Paul Zehetmayr said. “The early 2000s were a formative time for digital music, and we want to celebrate that period while connecting with fans old and new.”
