The music business and main cryptocurrency establishments are getting behind LimeWire’s quest to forge a brand new path.
LimeWire, the corporate synonymous with on-line piracy, closed up store a dozen years in the past, however underneath new administration, the model has returned to embark on a brand new initiative which will excellent the wrongs of its previous.
Limewire’s new mission assertion is to “convey digital collectibles to everybody, regardless of the price range or the tech-savviness,” the corporate writes. The appearance of Web3 and NFT know-how has given LimeWire a brand new lease on life and—this time round—a way to get artists their fair proportion of the metaphorical pie.
A brand new funding spherical led by Arrington Capital, Kraken Ventures, and GSR Ventures has supplied the LimeWire group with over $10 million to execute on their imaginative and prescient. The corporate raised the capital by way of the sale of the platform’s devoted LMWR token. Among the many collaborating buyers is deadmau5’s fund, 720Mau5, which the famed digital music producer manages alongside longtime supervisor and enterprise companion Dean Wilson.
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In an announcement posted to LinkedIn, Wilson championed LimeWire’s strategy, highlighting the platform’s inclusivity and the accessibility of the expertise.
“It’s nice to see LimeWire paving the way in which for artists and followers within the music business, no matter price range or expertise, making music accessible to all,” Wilson wrote. “That is music.”
LimeWire says they may use the funds to develop their group, facilitate partnerships and create high-quality content material. The corporate’s launch of its native NFT market is predicted to happen later this 12 months.