LimeWire (LMWR)
LimeWire began as a file-sharing application and has since evolved into a blockchain-backed platform. This change enables artists, content creators, and businesses to build subscription-based communities and earn income from their creations. The platform facilitates active engagement between creators and their audiences, providing a mechanism for creators to receive payments for their work.
Currently, LimeWire functions as an NFT marketplace, allowing artists to sell music, digital art, and other unique items directly to their supporters. This approach ensures ownership rights and content scarcity, addressing issues related to copyright and piracy. LimeWire also utilizes blockchain technology and AI-driven content production tools to empower creators and secure long-term income streams.
| Ticker | LMWR |
| Category | Artificial Intelligence (AI) |
| Website | https://limewire.com/u/home |
| @limewire | |
| Telegram | limewire |
| Contract Addresses | |
|---|---|
| ethereum | 0x62...88 Copied! |
| binance-smart-chain | 0x30...a7Copied! |
| base | 0xe9...35Copied! |
Overview of LimeWire
Features and functionality
LimeWire is a blockchain platform that aids in content creation and distribution, offering users the ability to buy and sell music, digital art, and other collectibles. The platform integrates artificial intelligence-based content creation tools and supports multiple blockchains, enhancing accessibility for a wide audience. LimeWire's integration with various blockchain networks enables secure and efficient transactions at low costs, streamlining interactions between creators and consumers. The platform's goal is to equip artists with tools to establish sustainable revenue streams and foster connections with their fan base.
Binance Smart Chain integration
On May 22, 2023, LimeWire announced its integration with Binance Smart Chain through ChainPort. This integration allowed the $LMWR token to bridge from Ethereum to the BNB Chain. Consequently, the $LMWR token became tradable on major decentralized exchanges like PancakeSwap, providing increased liquidity and reduced transaction costs compared to the Ethereum Network.
Integration with Polygon and Base
LimeWire continued its multi-chain approach by integrating the LMWR token with the Polygon blockchain in October 2023. This development enabled artists and creators to mint and distribute NFTs on the Polygon network, selecting the most effective chain from Ethereum, Polygon, and Algorand networks based on transaction speed and cost. LimeWire's final integration occurred in February 2024, when the platform added Base, a Layer 2 protocol developed by Coinbase, enhancing the LMWR token’s interoperability with Layer 2 networks.
BlueWillow acquisition
In September 2023, LimeWire acquired BlueWillow, a platform specializing in AI-generated images. This acquisition marked a strategic shift, integrating AI functionalities into LimeWire's platform. BlueWillow had a significant user base on Discord, exceeding 2.5 million members and over 500 million generated images. This integration has enriched LimeWire's creative toolkit, offering users advanced features for image generation.
History of LimeWire
Early years
LimeWire was launched in May 2000 by Michael Winkelmann and Frithjof Kuntze as a peer-to-peer file-sharing software. The software gained popularity for its ease of use and ability to share music files, amassing over 50 million active users at its peak. Julian Zehetmayr and Paul Zehetmayr later reintroduced LimeWire as a blockchain-based content-sharing and NFT marketplace in March 2022, garnering significant media coverage and resulting in over 2 million subscribers signing up for the official waitlist.
Recent developments
In February 2023, LimeWire concluded a closed community pre-sale for the LimeWire Token ($LMWR) within 48 hours. The public token sale took place in May 2023, with listings on exchanges like KuCoin, Kraken, Bybit, and Crypto.com. LimeWire introduced the Ad-Revenue Share Program in July 2023, distributing up to 90% of advertising revenues to creators and their communities. AI-powered image generation and optimization tools were launched as part of the new LimeWire AI Studio in August 2023. LimeWire acquired BlueWillow in September 2023, integrating its AI models under LimeWire's native AI model. In November 2023, LimeWire conducted its first token burn, and in December 2023, it launched the AI music studio, 808. By February 2024, LimeWire recorded one million users on its AI Studio and creator platform.
Products
LimeWire NFT music marketplace
LimeWire operates an NFT marketplace for music on the Algorand and Ethereum blockchains. The platform facilitates the creation, distribution, and monetization of music NFTs, allowing artists to connect with their fans and generate revenue. LimeWire primarily utilizes Algorand for NFT generation due to its speed and environmentally friendly features, with most NFTs minted and transacted directly on the Algorand network. LimeWire also uses Ethereum and Polygon blockchains for specific collections.
LimeWire AI Studio
LimeWire AI Studio offers a platform for creating, publishing, and monetizing content using artificial intelligence, providing tools for generating images, music, and audio content. Features include:
- Text-to-Image Generation: Generates images based on textual descriptions.
- Text to Music Generation: Converts text descriptions into music tracks.
- Image-to-Music Generation: Analyzes images to create suitable soundtracks.
Tokenomics
LimeWire token overview
The LimeWire Token ($LMWR) is the primary utility unit on the platform, offering various functionalities and benefits. LimeWire deployed ERC-20 standard utility tokens on the Ethereum blockchain, with a capped total supply of 1 billion. In 2022, LimeWire executed a private pre-sale for the LMWR token, raising $10.4 million from notable investors.
Token distribution and vesting
The total supply of $LMWR tokens was initially set at 1 billion, reduced through systematic burn programs. As of April 2024, the total supply stands at 773,045,267 LMWR. The token distribution follows a structured vesting schedule to ensure market stability and incentivize long-term participation.
Burn programs
LimeWire has implemented burn programs to decrease the total token supply and enhance the value of remaining tokens. The first phase, between November 2023 and April 2024, burned 165 million unallocated tokens. The second phase, in May 2024, aims to burn 140 million tokens over three months.
Utility
LMWR tokens are integral to the LimeWire platform, enhancing user engagement and platform operations with functionalities such as loyalty and rewards, payments and tips, and governance participation.