If you’ve noticed a lot of nostalgic company comebacks recently, you have the crypto market to thank. The blockchain industry, with its promises to change the internet as we know it and bring greater power than ever to consumers, has achieved similar levels of hype as the dot-com era. As a result, lots of tech companies, web services and even some retail outfits are being exhumed and revived for the blockchain. Napster is one of the newest projects to see new life in the crypto world, thanks to the Algorand (ALGO-USD) network.
In the last year, layer-1 decentralized app (dapp) networks have been trying to make themselves into one-stop shops for all internet needs. Launching search engine, geo-tracking and music-streaming dapps, these platforms are laying the foundation for a decentralized Web 3.0. Soon, these platforms hope to be competing with the massive, centralized tech companies that dominate the current Web 2.0 ecosystem.
Bringing back legacy names is one way these networks are trying to build publicity. After all, people love nostalgia. And retrofitting an old, popular company or website for the blockchain can be easier than building a product from the ground up and accruing a following from scratch.
In recent years, investors have gotten to see companies like RadioShack rebranded for the crypto world. One of the most successful crypto relaunches is that of file-sharing service BitTorrent (BTT-USD). Earlier this year, infamous music-sharing platform LimeWire came back — this time as a non-fungible token (NFT) market. And today, investors get to bear witness to the comeback of Napster on Algorand.
Algorand Revives Napster With Its Own Cryptocurrency
Algorand is stepping into the music streaming game. Indeed, the platform has plenty of competition in the blockchain space. Projects like Audius (AUDIO-USD) are providing a decentralized alternative to companies like Spotify (NYSE:SPOT), and they’re already worth hundreds of millions of dollars. What’s the best way for the network to catch up, then? Of course, by championing an already well-known service on its platform.
According to Algorand developers, music-sharing company Napster will be relaunching for the crypto world. The infamous service was a premier destination for downloading music in the early 2000. However, its wild success was short lived. The company became ensnared in a number of lawsuits 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 purchasing Napster’s assets. It operated the streaming service until just last month, when Algorand purchased it. Publishing a slide deck on the new acquisition, Algorand has revealed robust plan for the new asset. See, Napster is already tailor-made for the blockchain; it operated under a decentralized, peer-to-peer model from the very beginning. Algorand will be continuing Napster’s operations, but also introducing a token model to the service.
The NAPSTER token slated for release with the service will allow the introduction of on-chain governance for users. It will also create ways to reward users for listening to music, as well as for the artists themselves as a reward for hosting their music on the platform. A launch date is unknown as of today.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.