{"id":31302,"date":"2022-06-30T10:52:47","date_gmt":"2022-06-30T14:52:47","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=31302"},"modified":"2022-06-30T10:52:51","modified_gmt":"2022-06-30T14:52:51","slug":"napster-to-launch-its-token-on-algorand","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/napster-to-launch-its-token-on-algorand\/","title":{"rendered":"Napster to Launch its token on Algorand"},"content":{"rendered":"\n
Napster, a seasoned music streaming platform, has announced plans to launch its token on the Algorand blockchain, signaling its entry into the Web3 ecosystem<\/a>.<\/h5>\n\n\n\n
\"Music
Music Streaming platform Napster to Launch its token on Algorand<\/figcaption><\/figure>\n\n\n\n

Although a launch date hasn't been specified, Napster has published a litepaper explaining its aspirations to expand its current music streaming ecosystem on the layer-1 blockchain.<\/p>\n\n\n\n

According to the litepaper, “Napster will open up all of Web3's possibilities for fans, rights holders, and music creators.” The only carbon-negative blockchain infrastructure now in use, it was claimed, is the Algorand blockchain<\/a>.<\/p>\n\n\n\n

\n

Today we publish Napster Litepaper V1. It\u2019s our vision of how #Napster\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> 3.0 will benefit music makers, fans and rights holders. Skip the queue and download the paper here: https:\/\/t.co\/kXd0Z5QOlE<\/use><\/svg><\/span><\/a>#web3<\/use><\/svg><\/span><\/a> #blockchain<\/use><\/svg><\/span><\/a> #crypto<\/use><\/svg><\/span><\/a> #NFTs<\/use><\/svg><\/span><\/a> #streamingplus<\/use><\/svg><\/span><\/a> #music<\/use><\/svg><\/span><\/a> pic.twitter.com\/ZaUQseCscG<\/use><\/svg><\/span><\/a><\/p>— Napster (@napster) June 29, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

About Napster<\/h2>\n\n\n\n

Initially a peer-to-peer file-sharing servic<\/use><\/svg><\/span><\/a>e with a focus on digital audio, it was co-founded in 1999 by Sean Parker, who later served as the founding president of Facebook. The business stopped operating in 2001 and filed for bankruptcy in 2002 as a result of a wave of copyright litigation brought by the music industry.<\/p>\n\n\n\n

After being purchased by Best Buy in 2011, the company was combined with its brand Rhapsody, and the Napster name was later brought back in 2016.<\/p>\n\n\n\n

Napster was purchased by the blockchain company Algorand and Matt Zhang's Hivemind Capital Partners in May 2022, and it kept operating as a subscription music streaming service<\/a>.<\/p>\n\n\n\n

It recorded revenues of \u00a332.9 million for the first half of 2021, up from \u00a30.2 million for the same time in the previous year, according to its most recent public filing. After being purchased by Best Buy in 2011, the company was combined with its brand Rhapsody, and the Napster name was later brought back in 2016.<\/p>\n\n\n\n

Napster was purchased by the blockchain company Algorand and Matt Zhang's Hivemind Capital Partners in May 2022, and it kept operating as a subscription music streaming service.<\/p>\n\n\n\n

$NAPSTER Token<\/h2>\n\n\n\n

Under the auspices of a non-profit entity called the Napster Innovation Foundation, Napster intends to issue $NAPSTER tokens. There will be 10 billion $NAPSTER tokens available at launch.<\/p>\n\n\n\n

According to Matt Zhang, co-founder of Hivemind Capital Partners, “the supply of $NAPSTER tokens is planned to be capped at 10 billion coins,” but the number is “meaningless” until “additional choices are made on how the token will operate.”<\/p>\n\n\n\n

The company's streaming service's premium features, including access to exclusive artist content rights, will be made available for purchase using $NAPSTER, according to its litepaper<\/a>. Additionally, it will be used to make purchases from a variety of Napster Network-compatible third-party applications.<\/p>\n\n\n\n

Additionally, Napster will make available a number of open-source smart contracts for the production and exchange of digital material on the Napster Network.<\/p>\n\n\n\n

Over the past day, Algorand (ALGO) has decreased by 6% and is now trading near $0.29. According to information from CoinMarketCap<\/a>, ALGO lost 92 percent of its value after reaching an all-time high of $3.28 in June 2019.<\/p>\n\n\n\n

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Napster, a seasoned music streaming platform, has announced plans to launch its token on the Algorand blockchain, signaling its entry into the Web3 ecosystem. Although a launch date hasn’t been specified, Napster has published a litepaper explaining its aspirations to expand its current music streaming ecosystem on the layer-1 blockchain. According to the litepaper, “Napster […]<\/p>\n","protected":false},"author":12,"featured_media":31310,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[488,10808,10807],"class_list":["post-31302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-algorand","tag-music-streaming","tag-napster"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/image-239.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=31302"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/31310"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=31302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=31302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=31302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}