Veteran music streaming app Napster is making moves into the Web3 space, with the announcement of a planned $NAPSTER token launch on Algorand.
The company has released a litepaper outlining its plans to build out its existing music streaming ecosystem on the layer-1 blockchain, though a launch date has yet to be announced.
“Napster will unlock all the opportunities of Web3 for fans, rights holders and music makers,” the litepaper reads. It added that the Algorand blockchain is “the only carbon-negative blockchain infrastructure currently in existence.”
Today we publish Napster Litepaper V1. It’s our vision of how #Napster 3.0 will benefit music makers, fans and rights holders. Skip the queue and download the paper here: https://t.co/kXd0Z5QOlE#web3 #blockchain #crypto #NFTs #streamingplus #music pic.twitter.com/ZaUQseCscG
— Napster (@napster) June 29, 2022
Co-founded in 1999 by Sean Parker, later the founding president of Facebook, Napster was originally a peer-to-peer file-sharing platform focused on digital audio.
Following a flurry of copyright lawsuits from the music industry, the company ceased operations in 2001 and filed for bankruptcy in 2002.
