A crypto and NFT for a music streaming platform: here is Napster 3.0

News hardware A crypto and NFT for a music streaming platform: here is Napster 3.0

Recognized for having provided a whole generation with free music in the 2000s, Napster, in the shadows lately, has decided to announce its return with web3 functionalities linked to the blockchain. The brand wants to develop its new platform around crypto-currencies and non-fungible tokens (NFT).

Napster still alive?

Launched in 1999, Napster is a pioneer in peer-to-peer music sharing. The platform specializing in audio file sharing in MP3 quickly became an Internet phenomenon of the 2000s, there ranking as the ancestor of music streaming. Indeed, nearly 20 million users could simply exchange songs, at a time when listening to the music of one’s choice on the Internet was not as simple as it is today.

However, the musical revolution did not last long since in 2001, Napster had to report to certain music giants for copyright infringement. In fact, Napster users did not respect the intellectual rights of the music and exploited it without copyright concerns. An accusation which the company did not survive since it was bought by Roxio in 2001 to become a legal music download site under the same name shortly after the complaints. After several sales finally became a music streaming platform.

Although in a different niche compared to its basic concept, the platform still recorded, at its peak, around 80 million users. For example, Spotify, the leading music platform in the ranking, has 406 million users in 2021.

To integrate the top 10 music platforms alongside Apple music or even Deezer, the company intends to put the small dishes in the big ones.

A takeover by a crypto giant

To integrate the top 10 music platforms alongside Apple music or even Deezer, the company intends to put the small dishes in the big ones.

Recently, the Napster brand was acquired by Hivemind Capital Partners and Algorand, two companies specializing in cryptocurrencies. You see it coming… Crypto giants have ambitions to make Napster a Web 3.0 music platform.

“Today, Napster is returning to its roots and launching itself as a decentralized music ecosystem for the benefit of fans, composers and rights holders. »

Napster 3.0 plans to launch its own cryptocurrency: $Napster. This virtual currency will be used in particular to:

  • Make decisions on the future of the company within the DAO (Decentralized Autonomous Organization)
  • Receive rewards
  • Buy concert tickets

NFTs on Napster

Also, for its rebirth, the company wants to develop features around NFTs. Multiple art fields have used technology to secure creator ownership. Indeed, NFTs can be useful in the event of copyright infringement since information and other exploitation notices can be contained in a token associated with a work. Thus, the issuers of the token can assert their rights and prove more easily that there is a contentious use of their creation.

“Today, Napster is returning to its roots and launching as a decentralized music ecosystem for the benefit of fans, composers and rights holders. says Napster.

Through its various decentralized features, Napster wants to return to its initial peer-to-peer concept. The goal is to eliminate intermediaries as much as possible so that the artist can market his music more directly to the end listener.

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