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Algorand Acquires Napster, Hoping to Revive Web1 Classic

First Limewire, now Napster. Algorand’s interesting approach to Web2 and Web1.

Covered:

  • Algorand Acquires Napster
  • Napster Nostalgia

Algorand Acquires Napster

It was announced yesterday that Hivemind Capital and Algorand have acquired Napster, the classic Web2 music platform. If you’re too young to recall Napster, it was the Spotify of 2002. While many see Napster as ancient history, their platform is still up and running. Their streaming platform faces the heavyweights of Spotify and Apple Music, so the 2022 Napster needs a serious reboot to capture its 2002 glory.

Not long ago, Algorand also announced that Limewire, another Web2 music platform directly comparable to Napster, will be building on their chain. Limewire is launching an NFT-related product on Algorand and raised million in a token sale, which included some big names such including Arrington Captial, Kraken ventures, Crypto.com, and the legendary artist himself Deadmau5. It appears Algorand may be playing a 5D chess strategy with these two unique and peculiar moves.

Napster Nostalgia

Founder of Hivemind Matt Zhang said of the announcement and his involvement in both the Limewire funding and Napster acquisition: ā€œOne of our core theses is in the value in nostalgic web1 and 2 brands combined with the technological potential of web3.” Details are still fuzzy about the grand scheme behind this strategy by Algorand, and the numbers behind the Napster acquisition were not provided. As noted below by Hivemind’s chief Matt Zhang, Napster is more alive than many would care to imagine.

In fact, BMW Music is powered by Napster. The famous luxury car company uses Napster’s “integrated premier streaming audio service, brings European BMW owners an innovative in-car service that needs no setup, no login, and no extra device. Drivers and passengers have one-click access to 60 million songs and more than 20,000 audiobooks through the vehicleā€™s entertainment system.” ALDI, a massive German retailer, also utilizes Napster via “a ā€œfull stackā€ engineering music solution.

Napster is clearly not just involved in music streaming direct to consumer, they offer business solutions through custom software and music engineering stacks. According to their website “over 20 mobile carriers and 400+ home and auto partners using Napster to power their music experiences.” As noted below by Algorand executive Steve Kokinos, “digital ownership” will help Algorand bring Napster to the forefront of Web3.

While the market has been in a dreadful state, it is important to watch the chains and crypto protocols that are making meaningful gains in terms of development, partnerships, and innovations. This will be a time for investors to see just who is here to build, and who was here to bilk. Through Algorand, you may see the Web1 companies of yesteryear become the Web3 companies of tomorrow.

Recommended:Ā Algorand’s TVL May Shoot Up To Billions As Governance Goes Liquid

The post Algorand Acquires Napster, Hoping to Revive Web1 Classic appeared first on CryptosRus.

Algorand Acquires Napster, Hoping to Revive Web1 Classic

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