The music industry and major cryptocurrency institutions are getting behind LimeWire's quest to forge a new path.
LimeWire, the company synonymous with online piracy, closed up shop a dozen years ago, but under new management, the brand has returned to embark on a new initiative that may just right the wrongs of its past.
Limewire's new mission statement is to "bring digital collectibles to everyone, no matter the budget or the tech-savviness," the company writes. The advent of Web3 and NFT technology has given LimeWire a new lease on life and—this time around—a means to get artists their fair share of the metaphorical pie.
A new funding round led by Arrington Capital, Kraken Ventures, and GSR Ventures has provided the LimeWire team with over $10 million to execute on their vision. The company raised the capital via the sale of the platform's dedicated LMWR token. Among the participating investors is deadmau5's fund, 720Mau5, which the famed electronic music producer manages alongside longtime manager and business partner Dean Wilson.
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In an announcement posted to LinkedIn, Wilson championed LimeWire's approach, highlighting the platform's inclusivity and the accessibility of the experience.
"It’s great to see LimeWire paving the way for artists and fans in the music industry, regardless of budget or experience, making music accessible to all," Wilson wrote. "This is music."
LimeWire says they will use the funds to expand their team, facilitate partnerships and create high-quality content. The company's launch of its native NFT marketplace is expected to take place later this year.