Limewire said May 10 that it raised more than $16 million for its revived platform through sales of its cryptocurrency token (LMWR).
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 circa 2010.
However, Limewire’s revived version will instead serve as a platform for music artists. 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 as non-fungible tokens (NFTs), and access to that content can be gated behind NFTs and other tokens.