With its new app, launched in early June, the global music and technology streaming platform released its first Web3 litepaper
Napster previously announced its acquisition by a consortium led by Hivemind and Algorand, to expand its existing robust business with blockchain.
The new $NAPSTER token will strengthen relationships between music creators, rights holders and fans
LONDON, June 29, 2022–(BUSINESS WIRE)–Napster Music Inc., a music streaming service, today announced the release of its Litepaper V1 which outlines its plans to apply Web3 technology to its existing business and millions of users to improve the how music creators, rights holders and fans can interact. A new entity, the Napster Innovation Foundation, will issue $NAPSTER tokens using the Algorand blockchain protocol to streamline the functionality of its existing platform and open up new options, to create value around music streaming.
“We are entering the era of streaming-plus music, which is one of the few large-scale industries where adopting blockchain technology makes immediate sense for everyone,” Emmy said. Lovell, interim CEO of Napster. “People who make music, people who listen to it, and those who own its intellectual property rights already rely heavily on technology. Web3 offers a chance to deepen, expand and improve the music ecosystem”.
“Napster is a strong, self-reliant company and an iconic brand,” said Matt Zhang, founder and CEO of Hivemind, who leads the consortium that acquired Napster. “Our investment in the company reflects a longer-term view and much broader than the short-term trading environment for crypto assets. Instead, we see a huge opportunity to create long-term value, by applying Web3 programming to an existing, technology-driven business.”
To learn more, get interested and download Litepaper V1, please visit napster.com/web3.
Napster was the original music industry disruptor of the Web1 era. With a name steeped in innovation, it’s proudly synonymous with music. It started a revolution, as the very first platform to imagine how we would all enjoy entertainment in the future.
Using peer-to-peer technology (developed by Napster at the time, and now used in the blockchain), the original Napster put fans first, creating a new medium for music distribution. Over the next few years, it evolved into a fully licensed subscription music streaming service.
Today, Napster is returning to its roots and will launch a decentralized music-focused ecosystem for the benefit of fans, music creators and rights holders.
Visit Napster at napster.com.
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View the source version on businesswire.com: https://www.businesswire.com/news/home/20220629005794/en/
Nick Caley for Napster
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John Franklin for Hivemind
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Napster introduces the new Web3 music ecosystem
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