LimeWire, which was at the peak of pirate music in the 2000s, went through a major change and returned as an NFT platform last year. The platform, which aims to rival the OpenSea platform in the NFT sector, is now issuing its own token.
LimeWire shared details about the “LimeWire Token (LMWR)” that will be released on the Ethereum network. It has also published the whitepaper explaining the purpose of this token and the project.
What is LimeWire Token?
When we take a look at the whitepaper published by the platform, it is stated that the token will provide “several advantages to increase the user experience on the LimeWire platform and through a gamified loyalty layer system”.
LimeWire also shared that in mid-2022, it made a pre-sale of 10.2 million dollars for its token with the giants of the crypto industry such as Kraken Ventures, Crypto.com and Capital.
What will LMWR offer to its owners?
LimeWire Token holders will be divided into three categories based on the number of tokens they own. While every token holder will have voting rights in the LimeWire community, those holding less than 15,000 tokens will have limited voting rights.
Holders of 15,000 or more tokens will receive an annual 12% LMWR reward and early access to LimeWire exclusive items. Holders of 50,000 or more tokens will receive a 15% annual LMWR award, an invitation to LimeWire parties, and access to their own community stream.
What will the LimeWire Token be used for?
The LimeWire Token can be used to send discounts, subscriptions, donations or messages to creators on the platform. Content producers will also have the opportunity to receive their earnings through LMWR.
By LimeWire and content?
LimeWire, once a pirate music site, is now a platform for content creators to share music, photos, videos and blog posts.
When will the LimeWire Token be released?
LimeWare Token will go on sale on May 2. The total LMWR supply has been announced as 1 billion units. 200 million of these tokens were sold in private sales and 2.5 million in community sales.
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