In May, Napster was acquired by a pair of companies from the web3 sector, Hivemind and Algorand, who promised to “bring the iconic music brand to web3”. But what does that actually mean?
We know more this week from the launch of a ‘Napster 3.0‘ section of the company’s website, and the accompanying publication of a ‘litepaper’ outlining its plans to “launch as a decentralised music-first ecosystem to the benefit of fans, music makers and rights holders”. There will be tokens, of course – $NAPSTER – but also a “range of tools to establish, build and manage a super-connected fanbase” for artists.
Napster is also trying not to spook labels, publishers and collecting societies with its promise of “an ecosystem that is sympathetic to existing business relationships” and “a range of new commercial opportunities that we are excited to discuss with rights holders”.
As for those tokens, the company is “contemplating” issuing 10bn of them, with fans, musicians, rightsholders, developers and other partners all able to earn them and use them in various incentives programs.