Napster To Launch Its Own Token On Algorand• July 1, 2022 4:04 pm • Comments
The once famous music streaming app Napster has now announced that it will be launching its own token on the Algorand blockchain.
This is part of the company’s initiative to break into the Web3 space and the name of the token will be called $NAPSTER.
The token will be used for its music streaming ecosystem and for how users will interact with fans, right holders, and music creators.
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Napster also pointed out one of the main reasons of why they chose Algorand as their blockchain of choice which is the fact that Algorand is the only carbon negative blockchain on the market currently.
Today, @napster announced its plans to launch a decentralized music-first ecosystem on #Algorand to empower music makers, rights holders and fans while bringing them closer together! To learn more, download the Napster 3.0 Litepaper V1 👉 https://t.co/yOaaudjlB6 @HivemindCap pic.twitter.com/8ftmD8SgYc
— Algorand (@Algorand) June 29, 2022
Napster plans to issue $NAPSTER tokens under the aegis of a non-profit organization, the Napster Innovation Foundation. During the launch, there will be 10 billion $NAPSTER tokens.
“While the supply of $NAPSTER tokens is set to be capped at 10 billion coins,” Matt Zhang, co-founder of Hivemind Capital Partners, told Bloomberg, the figure was “meaningless” until “further decisions are made on how the token will operate.”
Per its litepaper, $NAPSTER will be used as a payment method for purchasing music subscriptions, exclusive artist content rights, and accessing premium features of the company’s streaming service.
It will also be utilized for purchasing goods and services across different third-party applications that are interoperable with Napster Network.
Napster has also mentioned that they will be working with smart contracts as well in order to help distribute digital content over their network.
So far, it seems a lot of veteran companies like Napster are trying to tap into the Web3.0 space in an attempt to ride the potential growth of the new industry.
Whether or not it will work is uncertain, but it will certainly prove a lot of adoption use cases for blockchain projects like Algorand and increase mainstream adoption by businesses from a variety of different industries.
And when it comes to public awareness, the music industry is often one of the best ways to get attention.
— Kevin Cage (@Kevin_Cage_) June 30, 2022
In 2016, Best Buy (NYSE:BBY) relaunched the service after purchasing Napster’s assets. It operated the streaming service until just last month, when Algorand purchased it. Publishing a slide deck on the new acquisition, Algorand has revealed robust plan for the new asset.
See, Napster is already tailor-made for the blockchain; it operated under a decentralized, peer-to-peer model from the very beginning. Algorand will be continuing Napster’s operations, but also introducing a token model to the service.
The NAPSTER token slated for release with the service will allow the introduction of on-chain governance for users.
It will also create ways to reward users for listening to music, as well as for the artists themselves as a reward for hosting their music on the platform. A launch date is unknown as of today.
So far, the price of ALGO has not yet reacted from the news and continues its current bear trend in correlation with the rest of the crypto markets.
— Capi (@capi_fin) June 29, 2022
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