Napster formalizes its foray into Web3 with the launch of its own token

After being bought last month by the investment fund Hivemind and the blockchain Algorand (ALGO), in particular in order to reorient itself towards Web 3.0, Napster publishes its Litepaper to announce how its future will be built. For the occasion, the platform announces the release of its own token in order to bring music creators and their fans closer together.

Napster confirms its arrival in Web3

Napsterone of the oldest music streaming platformswas recently acquired by the consortium made up of the Hivemind investment fund and the Algorand blockchain (ALGO). At that time, we still did not know what the future of the platform would be, except that it would be resolutely oriented towards Web 3.0.

In order to introduce the guidelines planned for Napster, the latter published its ” Litepaper V1.0 », a document specifying how it was going to evolve towards Web 3.0 and how it was going to offer it to its millions of users.

In summary, the company now wants position yourself as a privileged point of interaction to connect music creators, their fans and rights holders. We learn that this will be done in particular with theappearance of a new “NAPSTER” token.

According to the release, Napster plans to expand its products for Web 3.0 through the Algorand blockchain :

“Napster will unlock all the opportunities of Web 3.0 for fans, rights holders and music producers, leveraging the Algorand blockchain protocol (the only carbon-negative blockchain infrastructure currently in existence). »

Although it registers as a pioneer of music streaming platforms, Napster has experienced some difficulties and passed through many handsbefore adopting again in 2016 the name that we know today.

Thanks to its foray into Web 3.0, the platform intends here to return to the front of the stage by putting in place new means so that artists can get closer to their fans.

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The NAPSTER token as fuel for Web3

In order to structure and order its ecosystem dedicated to Web 3.0, Napster wishes to place its new token of the same name at the center of upcoming features.

As of this writing, no date has been announced for the latterbut we already know that it will have many use cases andbenefits for its holders.

The token, planned to be interoperable between blockchains and compatible with different ecosystemswill be distributed in 10 billion units, which will be shared among fans, creators, developers, rights holders and strategic partners of Napster.

The token will allow, among other things, tosubscribe directly to Napster’s music streaming servicesto benefit from premium content such as early releases or the purchase of goods and services via applications compatible with the platform’s Web 3.0 services.

For Matt Zhangthe founder and CEO of Hivemind, Napster is part of a real long-term vision and does not just want to enjoy a momentary boost:

“Our investment in the company reflects a longer-term view and much broader than the short-term trading environment for crypto assets. Instead, we see a huge opportunity to create long-term value, by applying Web3 programming to an existing, technology-driven business. »

Note that Napster will be able to find the LimeWire platform as a direct competitoralso a pioneer in the music sector, which recently decided to also move towards Web 3.0 but by putting non-fungible tokens (NFTs) at the forefront, in particular within the framework of a partnership with Universal Musical Group.

👉 To go further: Olympia launches membership cards in the form of NFTs

Source: Napster

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