A crypto and NFT for a music streaming platform: here is Napster 3.0

News hardware A crypto and NFT for a music streaming platform: here is Napster 3.0

Recognized for providing an entire generation of free music in the 2000s, Napster, in the shadows of late, has decided to announce its return with web3 functionalities tied to the blockchain. The brand wants to develop its new platform around crypto-currencies and non-fungible tokens (NFT).

Is Napster still alive?

Launched in 1999, Napster is a pioneer in peer-to-peer music sharing. The platform that specializes in sharing audio files in MP3 quickly became an internet phenomenon of the 2000s, becoming the forerunner of music streaming there. Indeed, nearly 20 million users could just exchange songs, at a time when listening to the music of your choice on the internet wasn’t as easy as it is today.

The musical revolution did not last long, however, as in 2001 Napster had to report to certain music giants for copyright infringement. In fact, Napster users did not respect the intellectual rights of the music and exploited it without any copyright concerns. An allegation that the company has not survived since it was bought by Roxio in 2001 to become a legal music download site under the same name shortly after the complaints. After several sales, it finally became a music streaming platform.

Although it was in a different niche from the basic concept, the platform still registered around 80 million users at its peak. For example, Spotify, the leading music platform in the ranking, will have 406 million users by 2021.

To integrate the top 10 music platforms alongside Apple Music or even Deezer, the company wants to put the small dishes into the big ones.

A takeover by a crypto giant

To integrate the top 10 music platforms alongside Apple Music or even Deezer, the company wants to put the small dishes into the big ones.

Recently, the Napster brand was acquired by Hivemind Capital Partners and Algorand, two companies specializing in cryptocurrencies. You can see it coming… Crypto giants have ambitions to turn Napster into a Web 3.0 music platform.

“Today, Napster returns to its roots and launches itself as a decentralized music ecosystem serving fans, composers and rights holders. †

Napster 3.0 plans to launch its own cryptocurrency: $Napster. In particular, this virtual currency will be used to:

  • Making decisions about the future of the company within the DAO (Decentralized Autonomous Organization)
  • Receive Rewards
  • Buy concert tickets

NFTs on Napster

For its renaissance, the company is also looking to develop features around NFTs. Multiple art fields have used technology to secure creator property. Indeed, NFTs can be useful in the event of copyright infringement, as information and other exploitation notices can be included in a token associated with a work. This allows the token’s issuers to assert their rights and more easily prove that there is a controversial use of their creation.

“Today, Napster returns to its roots, launching as a decentralized music ecosystem for the benefit of fans, composers and rights holders. says Napster.

Through its various decentralized functions, Napster wants to return to its original peer-to-peer concept. The aim is to eliminate intermediaries as much as possible, so that the artist can sell his music more directly to the end listener.

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