Former music download platform Napster is the latest to throw its hat in the web3 and non-fungible token ring. Napster and LimeWire are two brands from the early 2000s that helped pioneer song downloads for free that are being revived into companies helping artists monetize themselves.
What Happened: Peer-to-peer music-sharing company Napster was bought with plans to turn the company into a NFT music brand, according to a report from The Verge.
Napster was bought by crypto investment firm Hivemind and Algorand, the operator of a decentralized blockchain and the company behind the Algorand coin (CRYPTO: ALGO). The Alogrand blockchain will be used for the Napster launch.
Hivemind managing partner Matt Zhang shared in a LinkedIn post that the acquisition is being done as “volatile market and uncertain times often bring exciting opportunities.”
G20 Ventures partner Mike Troiano also shared in a Medium post why his company is investing in Napster.
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