Napster, a popular music service, is preparing to launch a NAPSTER token on the Algorand network to appeal to a new generation of music enthusiasts.
Napster was the original music industry disruptor of the Web 1 era, the company wrote in its newly-issued litepaper, released this month.
Napster is going back to its roots and will launch a decentralization music-first ecosystem for fans, music-makers and rights holders. The adoption of Web 3 tools will enable communities to build sustainable careers on their own terms, and to bring fans closer to music, the company said.
Napster is yet to announce when it will launch its Web 3 services, but it appears that the music company is hoping to rely on an initial offering of 10 billion NAPSTER token to help musicians thrive in its ecosystem and build a new model for artist-fan interaction.
The token is intended to be used in products and tools built for the Napster Network, as well as a rewards system for fans, developers, rights holders, and strategic partners. The network is aiming for cross-chain interoperability and connections to otherBlockchain systems, according to the company.
The streaming subscription service, premium features on the service, exclusive content from music acts, and the ability to buy goods and services from third-party apps are some of the things that the NAPSTER token will give access to.