September 30, 2022

Crypto funding agency Hivemind and Algorand have collectively acquired music streaming platform Napster. The acquisition will see Napster implement Web3 options to revolutionize the music business.

Hivemind made the announcement on Twitter, and mentioned that along with Algorand it might “revolutionize the music business by bringing blockchain and Web3 to artists and followers.”

A number of others may even be taking part within the acquisition, together with Skybridge, Arrington Capital, and G20 Ventures. Emmy Lovell has been named interim CEO. Lovell has beforehand labored with Warner Music Group, EMI Music, and the BBC.

Napster joins LimeWire in renaissance

Napster’s implementation of Web3 demonstrates a renaissance in music-sharing providers. LimeWire lately introduced it is going to return as an NFT market and has opened a waitlist.

Hivemind is a crypto funding agency based mostly in New York. It has invested in LimeWire’s ICO, Respectable Labs, and The Bitcoin Firm and was based by Matt Zhang, who was previously at Citibank. Hivemind revealed that it had partnered with Algorand to function its strategic companion.

Will Web3 revolutionize music streaming?

Napster was a peer-to-peer audio streaming platform that functioned equally to BitTorrent. Nonetheless, it was hit by a string of lawsuits over copyright infringement, which led to its chapter in 2002.

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Since then, it has been acquired by different corporations and remodeled first into an internet music retailer and finally right into a streaming service.

As a streaming service, Napster is up in opposition to the likes of Spotify, which dominates the music streaming market. Its success shall be closely depending on the precise plans of Hivemind and Algorand – particulars shall be revealed within the close to future.

However the music business is undoubtedly passionate about Web3 applied sciences. Apart from a number of music-focused NFT platforms, there have additionally been musical experiences within the metaverse. Spotify lately introduced a sound paradise within the metaverse in collaboration with Roblox.

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