Veteran music streaming app Napster is making a move web3 Space, with the announcement of a planned $NAPSTER token launch algorando,
Company has issued lightpaper Outline its plans to build its existing music streaming ecosystem on the Layer-1 blockchain, though a launch date has yet to be announced.
“Napster will unlock all of Web3’s opportunities for fans, rights holders and music producers,” Lightpaper reads. It added that the Algorand blockchain is “the only carbon-negative blockchain infrastructure currently in existence.”
What is Napster?
Co-founded in 1999 by Sean Parker, later the founding president of Facebook, Napster was originally a peer-to-peer file-sharing platform focused on digital audio.
After a flurry of copyright lawsuits from the music industry, the company ceased operations in 2001 and filed for bankruptcy in 2002.
In 2011, the company was acquired by Best Buy, which merged it with its own brand, Rhapsody; The Napster brand was later revived in 2016.
In May 2022, Napster was acquired by blockchain firm Algorand and matt zhangs Hivemind Capital Partners, which continued to offer its paid music streaming service.
according to its latest public filingNapster reported revenue of £0.2m in the first half of 2021, up from £0.2m during the same period last year.
Why the $NAPSTER token?
Napster is planning to issue the $NAPSTER token under the auspices of the Napster Innovation Foundation, a non-profit organization. During launch, there will be $10 billion of NAPSTER tokens.
Matt Zhang, Co-Founder Hivemind Capital Partners told bloombergThis figure was “meaningless” until “further decisions are made on how the token will operate.”
According to its Litepaper, $NAPSTER will be used as a payment method for music subscriptions, exclusive artist content rights, and access to premium features of the company’s streaming service.
It will also be used to purchase goods and services in various third-party applications that are interoperable with the Napster Network.
Napster will also publish a range of open-source smart contract Related to the creation and distribution of digital content within the Napster network.
Algorand (ALGO) is down 6% in the last 24 hours and is currently trading around $0.29.
According to ALGO data, ALGO is down 92% from its all-time high of $3.28 recorded in June 2019 CoinMarketCap,
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