Previous music download platform Napster Is the latest to throw that hat into web3 and non-fungible token rings.With Napster LimeWire Are two brands in the early 2000s that helped download Pioneer songs for free, returning to companies that help artists monetize themselves.
What happened: According to a report by The Verge, peer-to-peer music sharing company Napster was acquired with plans to transform the company into an NFT music brand.
Napster was acquired by a crypto investment company Hive Mind The operator of the decentralized blockchain Argoland coin ALGO / USD.. The Alogrand blockchain will be used for the launch of Napster.
Hivemind Managing Partner Matt Chan In a LinkedIn post, he shared that the acquisition was made as “a volatile market and uncertain times often provide exciting opportunities.”
G20 Ventures Partner Mike Troano He also shared in a Medium post why his company is investing in Napster.
“Equipped with a new generation of technology, but inspired by the same pirate spirit, the new Napster has a streaming catalog of over 42 million songs and exciting new features built on a safe and open carbon negative blockchain. In combination, music making and loved ones can connect, share and profit, “says Troiano.
The news that Napster has joined the music sector’s web3 and NFT spaces follows LimeWire, which announced its entry into the space earlier this year.
Related links: How to buy NFT
Important reason: Troiano shared the history of the $ 16 CD, with only 16% being passed on to artists and the rest divided into record labels, manufacturers and retailers. Napster has fought the system by giving 80 million users the opportunity to download music for free until it shuts down.
Music download service from a few years later Amazon.com Inc AMZN When Apple AAPL It offered better music download options, such as buying one track instead of the entire album.Streaming services like Spotify technology spot In addition, users can reduce their income to artists and listen to songs.
Troiano points out that music labels earn 50% of their streaming revenue and only about 7% go to the musicians themselves.
“Napster is already at the forefront of performing well for artists and offers the highest payments of any streaming service.”
Universal Music Group This week we have signed to join the LimeWireAlgorand Marketplace. Universal counts the major roster of the world’s largest artists. This agreement gives artists the opportunity to sell NFTS on LimeWire’s upcoming music blockchain platform.
The LimeWire NFT Marketplace focuses on assets such as artwork and collections from musicians. Investors in LimeWire are: Kraken, Crypto.com And others with web3 experience.
Once thought of as a dead brand, Napster and LimeWire soon emerged as the leading players in the music web3 space and could be at stake.
It’s hard to overlook the irony of the two companies that once robbed musicians of their potential profits as the ones that could ultimately help musicians monetize themselves in the future.
