Music Streaming App Napster Announces Token Launch on Algorand

  • Napster’s first-half 2021 revenue was £32.9 million.
  • There will be 10 billion $NAPSTER tokens available at the start of the project.

Streaming music app Napster has announced plans to create a $NAPSTER token on Algorand, a Web3 platform. There is no official launch date for the company’s layer-1 blockchain-based expansion of its current music streaming platform. According to a litepaper, “Napster will unlock all the opportunities of Web3 for fans, rights holders and music makers.” the only carbon-negative blockchain infrastructure currently in existence,” according to the statement.

Napster was initially a digital music file-sharing network launched in 1999 by Sean Parker, who later became the founding President of Facebook. A barrage of copyright litigation from the music business forced the firm to shut down in 2001 and declare bankruptcy a year later.

Best Buy purchased Napster in 2011, which was combined with Rhapsody. The Napster trademark was resurrected in 2016. When Algorand and Matt Zhang’s Hivemind Capital Partners bought Napster in May 2022, they kept Napster’s premium music streaming service.

Tokens Limited to 10 Billion

Blockchain-based network Algorand is self-sustaining, decentralized, and enables a large variety of applications. Security, scalability, and efficiency are all key features for successful real-world applications. Algorand enables new types of trust by supporting calculations that demand dependable, efficient solutions.

Napster’s first-half 2021 revenue was £32.9 million, up from £0.2 million the same time the previous year, according to the company’s most recent public filing. The Napster Innovation Foundation, a non-profit corporation, proposes to issue $NAPSTER tokens on Napster’s behalf. There will be 10 billion $NAPSTER tokens available at the start of the project.

It’s “meaningless” that the quantity of $NAPSTER tokens will be limited to 10 billion coins until “further decisions are made on how the token will operate,” Hivemind Capital Partners co-founder Matt Zhang tells Bloomberg.

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