Algorand (ALGO) and Hivemind acquire Napster to steer it towards Web 3.0

Napster arrives in Web 3.0

After a brief period gear wireIt’s a music streaming platform napster who announces Entering the Web 3.0. Or, more precisely, this is what the new owners planned for her future.

In fact, after buying it several times, Napster is now in the hands of the Algorand Blockchain (ALGO) and Investment Fund Hevimind Capital. The information was revealed directly from the latter’s Twitter account:

The investment fund Hivemind was also present during the last fundraising date for LimeWire, which was able to raise $10 million. according to Matt Changits founder, the encounter between the music world and Web 3.0 is promising, according to one of his LinkedIn posts:

Volatile markets and periods of uncertainty often bring exciting opportunities. At Hivemind, we believe in advancing theses and creating sustainable value. Music x Web3 is one of the most exciting places we have come across. »

At this point, the terms of the acquisition of Napster by the two entities are still dark, and We don’t know yet exactly what role each of them will playbut the goal is Revolutionizing the music industry again Bringing blockchain and Web 3.0 to artists and fans “.

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Web 3.0, music and blockchain

After Algorand and Hivemind acquired Napster, Amy Lovell, the former chief strategy officer for the music streaming platform, has officially become the interim CEO. TRUE Music Industry VeteranShe has already worked with major groups such as EMI Music, Bauer Media, Warner Music Group and BBC.

Although it is still not known in detail what is planned for the future of Napster, the online music store could do well here. He was born again.

Indeed, the trademark and logo have been known to many of its owners, either best buy Which he got after the platform made a turning point after the audio file sharing service, or even fascinationWho bought it in 2011 before selling it Melody VR in the year 2020.

The app offers an audio streaming and downloading service that struggles to compete industry giants Like Spotify, Deezer, Qobuz, or Tidal.

And therefore , Moving to Web 3.0 could be a wise choice An exit strategy, such as, as we said earlier, LimeWire, which has indicated that it will devote itself to the non-fungible tokens (NFTs) segment.

A sector that seems to interest artiststhe latter saw it as an opportunity to get closer to their fans, as DJ Steve Aoki was able to do so especially with pass as NFT Giving access to exclusive benefits.

The big names in the industry are also following suit, like FTXwho announced Partnership with Tomorrowland Festival To interfere with Web 3.0, or more recently the Metal Collection Slipknot who announced the creation of musical metaversessuch as her own festival “Knotfest”.

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About the author: Maximilian Pro

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Passionate about the world of decentralized finance and the novelties that Web 3.0 has brought, I write articles for Cryptoast to help make blockchain more accessible to everyone. I am convinced that cryptocurrency will change the future very soon.
All articles written by Maximilien Prué.

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