LimeWire Token to Hold Token Burn on November 15th
LimeWire Token is set to conduct its first token burn event on November 15th. This will be the first of six identical token burn events that will take place over the following months.
Each month, a total of 27,500,000 LMWR tokens will be burned. This includes 5,833,333 tokens from the Advisory Pool and 21,666,666 tokens from the Artist Fund. The final token burn event is scheduled to take place on April 15th, 2024.
Refer to the official tweet by LMWR:
LimeWire@limewireNov 14, 2023The first burn event will happen tomorrow, November 15th, followed by 5 additional identical token burn events in the following months.
Advisory Pool: 5,833,333 $LMWR burned
Artist Fund: 21,666,666 $LMWR burned
Total to burn: 27,500,000 $LMWR every month until April 15th, 2024.
LMWR Info
LimeWire is an NFT marketplace for digital collectibles in the fields of art and entertainment, with an initial focus on musical content. This platform allows creators to build a steady revenue stream by providing their fans with exclusive access to content, ultimately strengthening the bond between creator and supporter.
The platform’s operational prowess is anchored in blockchain technology, ensuring the exclusivity and ownership of content. This unique approach permits fans to not only access but also possess and trade exclusive digital assets. Consequently, fans become active stakeholders, directly contributing to the prosperity of the creators they endorse.
Central to the LimeWire ecosystem is the LimeWire token, an ERC-20 utility token. Its primary function is to enrich the platform’s user experience and confer a range of advantages to its holders. In 2022, the token witnessed considerable financial backing, successfully closing a strategic and private pre-sale at $10.4M, with influential backers like Kraken Ventures, Crypto.com Capital, GSR, and Arrington Capital onboard.