Digest
May 11, 2022

Hivemind and Algorand buy Napster for an undisclosed price

Image at angle of Windows 98 featuring Napster music sharing software
Image by Christiaan Colen, Flickr

Crypto investment firm Hivemind has teamed with Algorand to buy music streaming service Napster and turn the legacy music-sharing service into a Web3 property.

Hivemind founder Matt Zhang announced the acquisition on LinkedIn, writing that his group is taking Napster private with the purchase, and they plan “to bring the iconic music brand to web3.”

Zhang continued:

Volatile market and uncertain times often bring exciting opportunities. At Hivemind, we believe in developing thesis and building enduring value. Music x Web3 is one of the most exciting spaces we’ve come across, and we are thrilled to work with Emmy Lovell and many talents to unlock value for the entire ecosystem and revolutionize how artists and fans enjoy music.

While the terms of the deal weren’t made public, it’s another interesting twist in the brand’s history. First founded in June 1999 by Shawn Fanning and Sean Parker, Napster had 80 million users at its peak, but by the fall of 2002, the original mp3-trading platform was in liquidation.

The first peer-to-peer service that paved the way for later successes, such as BitTorrent and Skype, Napster went through several subsequent lawsuits and changes in services offered before it was bought in 2020 for $70 million by virtual reality concert app MelodyVR. While it’s unclear what form the new Napster will take, it’s interesting to see a legacy company move into Web3 territory.

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Managing editor, mpost.io. Former Deputy Digital Editor, Maxim magazine. Bylines in Observer, Inside Hook, Android Police, Motherboard. Author of official "Better Call Saul" tie-ins "Don't Go to Jail," and "Get off the Grid."

More articles
Steve Huff
Steve Huff

Managing editor, mpost.io. Former Deputy Digital Editor, Maxim magazine. Bylines in Observer, Inside Hook, Android Police, Motherboard. Author of official "Better Call Saul" tie-ins "Don't Go to Jail," and "Get off the Grid."

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
Bitcoin’s 2025 Forecast: Analyst Insights on Recovery or Crash
Digest Business Markets Technology
Bitcoin’s 2025 Forecast: Analyst Insights on Recovery or Crash
March 24, 2025
From Formula 1 to Tokenized Securities: Major Crypto Partnerships Changing the Game This March
Digest Business Markets Technology
From Formula 1 to Tokenized Securities: Major Crypto Partnerships Changing the Game This March
March 22, 2025
Crypto Market Weekly Recap: Bitcoin Stuck Below $85K, Ethereum Fights for $2K, While Toncoin Rockets on Hype and News
Digest Business Markets Technology
Crypto Market Weekly Recap: Bitcoin Stuck Below $85K, Ethereum Fights for $2K, While Toncoin Rockets on Hype and News
March 17, 2025
Hedera, Coldware, and Beyond: March’s Crucial Crypto Alliances
Digest Business Markets Technology
Hedera, Coldware, and Beyond: March’s Crucial Crypto Alliances
March 14, 2025