News Report
July 01, 2022

Music platform Napster enters Web3, launches Algorand token

Music platform Napster enters Web3, launches Algorand token
Napster 3.0

Music streaming service Napster has set plans to apply Web3 technology to its business model to increase interaction in the music community and set up a decentralized music ecosystem. 

Launched in 1999, the platform shook the music industry in the Web1 era by using P2P technology for digital audio. After filing for bankruptcy in 2002 and multiple changes in ownership, Napster is now heading towards decentralization.

The Napster Innovation Foundation will issue $NAPSTER tokens on the Algorand blockchain. With the launch, the company aims to “empower and align fans, music makers, and rights holders.” The next step is to create new ways for music artists to form deeper connections with fans. 

According to the Litepaper, $NAPSTER tokens will be used as a payment method for subscriptions, exclusive content rights, artist presales, Napster incentive programs, and premium feature access. 

Algorand is an open-source, scalable, carbon-negative, Proof-of-Stake blockchain infrastructure that acquired Napster and the crypto investment company Hivemind last month.

“We’re entering the streaming-plus era of music, which is one of the few scaled business sectors where adoption of blockchain tech makes immediate sense for everyone,” said Emmy Lovell, Interim CEO of Napster. “People who make music, people who listen to it, and those who own its IP all already depend heavily on technology. Web3 offers a chance to deepen, extend and improve the music ecosystem.”

Napster is not the only legacy music company entering Web3. For example, Spotify has been testing NFTs so music artists could sell and collectors could showcase digital collectibles on the platform. 

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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

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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