Napster bets on NFTs and cryptocurrencies to return

Napster, the leader in P2P music sharing, has begun the move to non-fungible tokens (NFTs), blockchain, and cryptocurrency. Bought by two Web3 companies, will the platform return to center stage?

Napster, one of the leading peer-to-peer music sharing company, has announced its entry into the world of cryptocurrency and non-fungible tokens (NFT). Napster turned into a music streaming platform a few years ago, and it’s committed to it Applying Web3 Technology to its Existing Business. As a reminder, Web3 evokes a decentralized version of the Internet thanks to blockchain technology. It is opposed to Web2, which centralizes its infrastructure.

The company describes its plans at length in a document dubbed Litepaper V1. Title NASTER 3.0The aim of the initiative “To improve the way music creators, rights holders, and fans interact”.

Next ad In capturing Napster last May. The trademark was acquired by mind cellwhich is an investment fund specializing in cryptocurrency, and Algorand, an open source software company developing the blockchain of the same name. Napster has passed through the hands of several groups lately. Several years after Rhapsody folded, the platform was already sold out Melody VR in the year 2020.

Napster announces the arrival of its cryptocurrency

To achieve this, it will launch Napster private cryptocurrency In the near future. The token dubbed “NAPSTER” will be published on the Algorand blockchain. In Litepaper V1, the platform presents Algorand as The only blockchain infrastructure with a negative carbon footprint.” No publication date has been provided by Napster.

As explained in the document, Napster plans to take advantage of all the capabilities that blockchain offers to Facilitating exchange between artists and their fans. The company is also discussing the access of NFTs to its platform.

“People who make music, who listen to it, and those who own its intellectual property already rely heavily on technology. Web3 provides an opportunity to deepen, expand and improve the music ecosystem”explains Amy Lovell, interim CEO of Napster, in a press release.

Napster in particular envisions a system where holders of non-fungible tokens can collaborate with artists, receive exclusive content, or discover live performances. For their part, the rights holders will ensure that the music will be safe from pirates.

Among the features that will be added to the service: digital wallet It aims to store the cryptocurrency NAPSTER. The token will allow the purchase of services or content in the form of NFTs or the payment of premium features

Read also: Full of irony, Bill Gates limits NFTs and Bored Ape Yacht Club

Napster Unlimited Revival

Since its inception in 1999, Napster has reinvented itself many times. In the beginning it was The first P2P software to unite millions of users across the world. Executed by record companies, Napster vanished in 2001, after several years of setbacks with American justice.

In 2002, the American company Roxio acquired the brand for a modest amount of $5 million. The company had hoped to capitalize on Napster’s fame for its online music store. It offers a monthly subscription that allows downloading an unlimited number of songs.

The platform did not achieve the expected success. RealNetworks, the subscription service Rhapsody, bought Napster in 2011. Having become a music streaming app like any other, Napster has failed to keep out its competitors like Spotify or Apple Music.

Napster, Limewire… P2P Pioneers Go Web3

The announcement comes in the context of a crisis. Over the past few weeks, a wind of panic has blew in the market for cryptocurrencies and non-fungible tokens. Similar to Bitcoin, most digital currencies in the ecosystem have lost their value. The total market value has shrunk by about $900 billion.

On the NFT side, the number of transactions collapsed. This is also the case for prices for digital works, including the most popular collections. It is rumored that many cryptocurrency exchanges are on the verge of bankruptcy.

Confident in the future of Web3, Hivemind estimated when it acquired Napster that the A volatile market and turbulent times often bring exciting opportunities.”. The New York company is also increasing investments in this area. Hivemind has for example Invested in Limewire, a leading free P2P software from the 2000s, to make it the NFT exchange platform. Similar to Napster 3.0, the new version of Limewire aims to better connect artists with their fans.

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