Algorand Network brings Napster out of retirement for the Web 3.0 era
If you’ve noticed a lot of nostalgic corporate comebacks lately, you have the crypto market to thank. The blockchain industry, with its promises to change the internet as we know it and bring more power to consumers than ever before, has reached levels of hype similar to the dot-com era. As a result, many tech companies, web services, and even some retail businesses are being unearthed and revived for blockchain. Napster is one of the most recent projects to see new life in the crypto world, thanks to the Algorand (ALGO-USD) network.
Over the past year, decentralized layer 1 application (dapp) networks have attempted to transform themselves into one-stop-shops for all Internet needs. By launching search engine, geolocation and music streaming dapps, these platforms are laying the foundations for a decentralized Web 3.0. Soon, these platforms hope to compete with the huge, centralized technology companies that dominate today’s Web 2.0 ecosystem.
Bringing back legacy names is one of the ways these networks try to advertise. After all, people love nostalgia. And modernizing an old business or a popular website for blockchain can be easier than building a product from scratch and amassing a following from scratch.
In recent years, investors have seen companies like RadioShack renowned for the world of cryptography. One of the most successful crypto relaunch is that of file sharing service BitTorrent (BTT-USD). Earlier this year, the infamous music-sharing platform Lime wire has returned – this time as a non-fungible token (NFT) market. And today, investors are witnessing Napster’s return to Algorand.
Algorand revives Napster with its own cryptocurrency
Algorand is getting into the music streaming game. Indeed, the platform has a lot of competition in the blockchain space. projects like Audius (AUDIO USD) offer a decentralized alternative to companies like Spotify (NYSE:PLACE), and they are already worth hundreds of millions of dollars. What is the best way for the network to catch up? Of course, by defending a service that is already well known on its platform.
According to Algorand developers, music sharing company Napster will be relaunched for the crypto world. The infamous service was a top destination for downloading music in the early 2000s. However, its resounding success was short-lived. The company has been embroiled in a number of lawsuits brought by musicians and record labels. After only three years, the company went bankrupt and ceased operations.
In 2016, best buy (NYSE:BBY) relaunched the service after buying the assets of Napster. He operated the streaming service until last month when Algorand bought it. Posting a slideshow about the new acquisition, Algorand revealed a solid plan for the new asset. You see, Napster is already tailor-made for the blockchain; it operated under a decentralized, peer-to-peer model from the start. Algorand will continue the operations of Napster, but will also introduce a token model to the service.
The NAPSTER token scheduled to be released with the service will enable the introduction of on-chain governance for users. It will also create ways to reward users for listening to music, as well as artists themselves as rewards for hosting their music on the platform. A launch date is unknown at this time.
As of the date of publication, Brenden Rearick had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.