The once-popular music service Napster has revived itself as a Web3 company, and is preparing to launch a $NAPSTER token on the Algorand blockchain network to appeal to a new generation of music enthusiasts.
“Napster was the original music industry disruptor of the Web1 era,” the company wrote in its newly-issued litepaper, released this month.
“Now, Napster is going back to its roots and will launch a decentralized music-first ecosystem to the benefit of fans, music-makers and rights holders. These communities will be empowered by the adoption of the tools of Web3 to unlock meaningful new ways for artists to build sustainable careers on their own terms and for fans to get even closer to the music.”
Napster has yet to announce when it will launch its Web3 services, but it appears the music company is hoping to rely on an initial offering of 10 billion $NAPSTER tokens to help musicians thrive in its ecosystem and build a new model for artist-fan interaction. The tokens are expected to be used in products and tools built for the Napster Network, as well as a rewards system for fans, creators, rights holders, developers and strategic partners. The company said it is aiming for cross-chain interoperability and connections to other blockchain systems.
Among the things that the $NAPSTER token will give access to is the streaming subscription service, premium features on said service, exclusive content from music acts, and even the ability to buy goods and services from third-party apps.
