The Napster Music streaming company will launch a token on the Algorand network and release a lite paper outlining the launch so let’s read more today in our latest cryptocurrency news.
The Napster music streaming app is making moves into the Web3 space after the announcement of the planned NAPSTER token launch on the Algorand network. The company released a lite paper with info on the plans to build out the existing music streaming ecosystem on a layer-1 blockchain but the date hasn’t been announced. Napster will unlock many opportunities of Web3 for fans and holders so the lite paper reads and added that the blockchain is the only carbon-negative blockchain infrastructure now in existence.
Today we publish Napster Litepaper V1. It’s our vision of how #Napster 3.0 will benefit music makers, fans and rights holders. Skip the queue and download the paper here: https://t.co/kXd0Z5QOlE#web3 #blockchain #crypto #NFTs #streamingplus #music pic.twitter.com/ZaUQseCscG
— Napster (@napster) June 29, 2022
Co-founder in 1999 by Sean Parker, the founding president of Facebook and Napster was originally a peer-to-peer file-sharing platform that was mostly focused on digital audio. After a flurry of copyright lawsuits from the industry, the company ceased operations in 2001 and then filed for bankruptcy in 2002. in 2011, the company was acquired by Best Buy which merged with Rhapsody so the Napster brand was then revived in 2016. in may 2022, Napster was acquired by Algorand and Hivemind Capital Partners which continued to offer a paid music streaming service.
According to the public filings, Napster reported revenue of up to £32.9 million during the first half of 2021. Napster plans to issue the NAPSTER token under the veil of an NGO via the Napster Innovation Foundation and with the launch, there will be 10 billion NAPSTER tokens. The co-founder of Hivemind Capital Partners told the partners the figure was meaningless until further decisions were made on how the token will operate:
“While the supply of $NAPSTER tokens is set to be capped at 10 billion coins.”
According to its lite paper, NAPSTER will be used as a payment method for buying music subscriptions and exclusive artist content rights as well as accessing premium features of the company’s streaming service. It will be utilized for purchasing goods and services on different third-party applications which are interoperable with the network. Napster will publish a series of open-source smart contracts that relate to the creation of digital content on the network. ALGO on the other hand dropped by 6% in the past day and now trades around $0.29.
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