Return of the P2P services: After Limewire now also Napster in Web 3.0

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 supported by the blockchain Algorand.

Under new leadership, they want to enrich the music industry with blockchain technology. Alongside Algorand, British investor Alan Howard’s cryptocurrency fund Brevan Howard Digital Assets is also part of the Hivemind-led consortium that bought the music platform a few months ago.

“We’re 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 are all already heavily dependent on technology. Web3 opens up an opportunity to deepen, expand and enhance the music ecosystem.”

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The Napster token

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 featuring the artists sponsored by the company. The Napster Innovation Foundation, a non-governmental organization, is said to administer the token.

Among other things, rewards in the form of tokens for actively using the platform and taking on various tasks are planned. In addition, the token should 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 Organization).

The Napster DAO

The Napster Innovation Foundation plans to introduce a number of features to reward stakeholders for providing useful services. This system is to be called Napster Incentives.

In the course of time, the community should also be involved. It is to propose, vote and approve new incentives to determine the future direction of the network. In the published Litepaper, the company already presents various subgroups for the distribution of tasks. These are:

  • Fan Incentives
  • Creator incentives
  • Rights holder incentives
  • Developer incentives
  • Strategic Partners

However, the services are said to be limited at the beginning as the project is still in 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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