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Napster To Launch Token On Algorand

Napster To Launch Token On Algorand

The music streaming service outlined the launch of its $NAPSTER token on the Algorand blockchain in its latest litepaper. 

$NAPSTER Token Launching Soon

The recently established non-profit organization, Napster Innovation Foundation, will be issuing $NAPSTER tokens on the Algorand blockchain to streamline the existing platform functionality for enhanced interactions between creators, rights holders, and music lovers. The streaming service detailed its plans for incorporating Web3 into its business in its latest Litepaper V1. 

Interim CEO of Napster, Emmy Lovell, stated, 

"We’re entering the streaming-plus era of music, which is one of the few scaled business sectors where adoption of blockchain tech actually makes immediate sense for everyone. People who make music, people who listen to it and those who own its IP all already depend heavily on technology. Web3 offers a chance to deepen, extend and improve the music ecosystem.”

The Litepaper mentions that Algorand is the only carbon-negative blockchain infrastructure currently in existence, indicating Napster’s focus on sustainability. 

The Napster Network

$NAPSTER will be capped at 10 billion tokens and will be used as a payment method for music subscriptions, exclusive content from specific artists, and premium features of the streaming service. Token holders can also use them to pay for goods and services on third-party applications interoperable with the Napster Network. The token will also enable fans to be a part of an exclusive content drop or even collaborate in the studio with their favorite band. For professional artists and music makers, the platform is launching a collection of tools and services called the Artists Studio, which will democratize opportunities, improve collaboration, and add supplementary revenue sources. Finally, the platform also caters to rights holders by providing rigorous security services regarding their IP and creating further commercial opportunities by increasing fan-artist interactions. 

Furthermore, the company is also planning on publishing open-source smart contracts that will enable the creation and distribution of digital content within the Napster Network. 

Web1 P2P To Web3 Blockchain

Napster is one of the original pioneers of the peer-to-peer technology of the Web1 era. After being acquired by Best Buy, the Napster brand was revived in 2016. The global music streaming platform was acquired by a consortium led by Hivemind and Algorand in May 2022 and subsequently launched its new Web3-focused app in early June. 

Founder and CEO of Hivemind, Matt Zhang had commented on the acquisition, 

“Napster is a strong, self-sustaining business and an iconic brand. Our investment in the company reflects a longer term and far broader view than the short-term trading environment for crypto assets. Instead, we see a huge opportunity to build value over the long term, by applying Web3 programming to an existing, tech-enabled business.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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