Leveraging the blockchain technology and anticipating stepping into the Web 3 space, Napster is looking to launch its own token $NAPSTER
Recognizing the potential of Blockchain technology and looking at the wide acceptance of digital space concept, Web 3, etc., many firms are heading towards the same path. No one wants to give up on the opportunity. It seems like once a popular streaming company Napster is also planning to take advantage of cutting edge blockchain technology to enter the Web 3 space.
This notion came up after the announcement of a veteran music app’s plan to launch its native token dubbed as $NAPSTER on Algorand blockchain protocol. Following the same, Napster has released a concise form of a whitepaper that is litepaper consisting of plans about how the token is to be built and further creating the existing music streaming ecosystem entirely on the layer-1 blockchain.
The Napster litepaper noted that Napster would be working towards unlocking all the Web 3 opportunities for its fans, music makers and holders of its rights. Further it added that within the entire crypto space, Algorand blockchain is perhaps the only blockchain infrastructure company with carbon negative compatibility.
Napster has plans to go with the issuance of its native token $NAPSTER, which will be having shelter from the Napster Innovation Foundation, which is its own non-profit organization. However, there was no information revealed about the launch date but there will be about ten billion $NAPSTER tokens at the time of launch.
Napster was founded in 1999 and was a peer-to-peer file sharing platform that was initially focused on digital audio-only. But soon it stuck with the complications such as the blow of copyright lawsuits that the music industry started putting against it. All these factors combined, made the music-sharing company stop operating in 2001 and also went on to file for bankruptcy in 2002.
Later in 2011, multinational consumer electronics company Best Buy purchased Napster and merged it with its brand called Rhapsody. Still it took some more time and it was in 2016 when the Napster brand was revived completely. Later in May, 2022 prominent blockchain firm Algorand and crypto firm Hivemind Capital Partners. Reportedly, by the first half of 2021, Napster has revenues of about £32.9 million or $34.44 million.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.