Napster first used peer-to-peer technology in the Web1 era and put fans first. At that time, the young company created a new way of distributing music.
Now Napster is going back to its roots and becoming the decentralized music ecosystem with benefits for fans, music producers and rights holders. The project is backed by the Algorand blockchain.
Under new leadership, they want to enrich the music industry with blockchain technology. Along with Algorand, British investor Alan Howard’s crypto fund Brevan Howard Digital Assets is also part of the Hivemind-led consortium that bought the music platform a few months ago.
“We are entering the era of music streaming plus, one of the few scalable business areas where the adoption of blockchain technology makes immediate sense for everyone involved,” said Emmy Lovell, interim CEO of Napster. “The people who make music, the people who listen to it, and those who own its intellectual property already rely heavily on technology. Web3 opens an opportunity to deepen, expand and improve the music ecosystem”.
The Napster listing
The British company Napster plans to introduce its own token ($NAPSTER). The idea is that users of the streaming platform can use it to buy tickets and music from artists sponsored by the company. The Napster Innovation Foundation, a non-governmental organization, is said to manage the token.
Among other things, rewards in the form of tokens are planned for actively using the platform and taking on various tasks. In addition, the token must also give each holder the right to have a say in the management and future financial projects of the platform. This turns the company into a kind of DAO (Decentralized Autonomous Organism).
The Napster Innovation Foundation plans to introduce a series of features to reward interested parties for providing useful services. This system will be called Napster Incentives.
Over time, the community must also get involved. It is to propose, vote and approve new incentives to determine the future course of the network. In the published Litepaper, the company already presents several subgroups for the distribution of tasks. These are:
- Fan Incentives
- Creator Incentives
- Incentives for rights holders
- Developer Incentives
- Strategic partners
However, services are said to be limited at first as the project is still at an early stage. The upper limit for the number of tokens is said to be 10 billion. However, the company reserves the right to make changes to the token economy up to this point.
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