• Following the acquisition, Napster will reinvent itself as a Web3 business

  • Hivemind and Algorand, two crypto investment firms, have bought music streaming platform Napster. Napster will use the acquisition to create Web3 technologies that will change the music industry.

    Hivemind announced the partnership on Twitter, saying that it would “revolutionize the music industry by bringing blockchain and Web3 to artists and fans.”

    Skybridge, Arrington Capital, and G20 Ventures are among those that will be involved in the transaction. Emmy Lovell has been appointed as interim CEO. Lovell’s past employers include Warner Music Group, EMI Music, and the BBC.

    Napster has joined LimeWire in the rebirth.

    The introduction of Web3 by Napster signals a rebirth in music-sharing services. LimeWire just declared its intention to relaunch as an NFT marketplace and has established a queue.

    Hivemind is a New York-based cryptocurrency investment firm. It was created by Matt Zhang, who formerly worked at Citibank, and has invested in LimeWire’s ICO, Decent Labs, and The Bitcoin Company. Hivemind revealed that it had formed a strategic alliance with Algorand.

    Will Web3 transform music streaming?

    Napster was a peer-to-peer audio streaming network that worked in the same way as BitTorrent. However, it was plagued by a slew of copyright infringement cases, which forced it to declare bankruptcy in 2002.

    It has now been acquired by other companies and evolved into an online music store and, eventually, a streaming service.

    As a streaming service, Napster competes with Spotify, the market leader in music streaming. Its success will be greatly contingent on Hivemind and Algorand’s precise intentions, which will be revealed in the near future.

    However, the music industry is undeniably excited about Web3 technologies. There have been musical encounters in the metaverse in addition to various music-focused NFT platforms. Spotify just announced a collaboration with Roblox to create a sonic utopia in the metaverse.

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