in Crypto News
Originally established over 20 years ago, music streaming and file sharing platforms Napster and LimeWire have both reemerged on the Algorand blockchain.
OG music streaming app Napster has announced plans to launch its NAPSTER token on Algorand. In a litepaper published last month, the project - titled Napster 3.0 - sets out that it is going back to its roots, with the launch of a decentralized music-first ecosystem for the benefit of rights holders, musicians and fans.
Napster is enthusiastic about the potential of Web3, claiming that Web3 tools “will unlock meaningful new ways for artists to build sustainable careers on their own terms and for fans to get even closer to the music”. Through tokenization, Napster sees a way in which the relationship between the music maker and the music fan can grow.
In May, Algorand formed a consortium with Hivemind Capital and asset manager Brevan Howard to buy Napster. On acquiring Napster, Hivemind founder Matt Zhang pointed out that unlike many other crypto projects, Napster already has a user base and real revenue.
LimeWire’s digital collectibles marketplace
Hivemind was also a key participant in a private token sale held by peer-to-peer (P2P) platform OG, LimeWire back in April. The following month, LimeWire announced that it had selected the Algorand blockchain to power the relaunch of its digital collectibles marketplace. The marketplace will facilitate fans in trading music-related assets, such as limited-edition releases, exclusive live works, unreleased tracks and backstage content.
At the time LimeWire co-CEO Paul Zehetmayr said that digital collectibles are limited to a small group of savvy users within the crypto market. Zehetmayr claimed that the barrier to entry is too big to allow for mainstream adoption. “We want to remove all those obstacles and make it easy for people to participate, while at the same time offering an exciting platform for crypto natives”, he said.
These are the latest peer-to-peer file-sharing projects that have made the transition to blockchain. Layer 1 blockchain project Tron acquired and integrated file-sharing platform BitTorrent into its ecosystem in 2018. BitTorrent boasts 100 million monthly active users. It may be that these P2P networks were ahead of their time and that through tokenization, they could have taken on even greater utility. It will be interesting to watch these projects as they attempt to bring mass market adoption to Web3.
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