Napster Outlines Plans for Web3; Sees Blockchain-Based Tokens

Napster Music’s newly published Litepaper V1 outlines plans to apply Web3 technology to its existing business and “millions of users,” it said Wednesday. The company created a new entity, Napster Innovation Foundation, to issue "$NAPSTER tokens using the Algorand blockchain protocol to streamline its existing platform functionality" and create new options for monetization. "We’re entering the streaming-plus era of music," said Napster interim CEO Emmy Lovell, saying streaming music is "one of the few scaled business sectors where adoption of blockchain tech actually makes immediate sense for everyone." Web3 has a chance to “deepen, extend and improve the music ecosystem," she said. Napster 3.0 will launch as a decentralized, music-first ecosystem benefiting fans, music makers and rights holders, said the company.