Hivemind and Algorand have made headlines after their acquisition of Napster, with details about the purchase price remaining confidential.

Crypto investment powerhouse Hivemind has joined forces with Algorand for an ambitious project. Algorand Their goal is to transform the classic music streaming service Napster into a digital asset on the Web3 platform.

Hivemind founder Matt Zhang shared the news of this acquisition on LinkedIn, mentioning that his team intends to take Napster private and redirect its legacy to the Web3 realm. \"In a market filled with volatility and unpredictability, we often discover thrilling opportunities. At Hivemind, we aim to create solid foundations and develop lasting value. The intersection of music and Web3 is among the most exhilarating avenues we've encountered, and we're excited to collaborate with numerous talents to unlock benefits for the entire ecosystem and revolutionize how music is experienced by artists and fans alike.\"

Zhang continued:

Although the specifics of the transaction have not been disclosed, this adds another intriguing chapter to Napster's rich history. Launched back in June 1999 by Shawn Fanning and Sean Parker, Napster reached a staggering 80 million users at its height, but by late 2002, it faced liquidation due to legal troubles. Emmy Lovell As the pioneering peer-to-peer service, Napster laid the groundwork for subsequent phenomena like BitTorrent and Skype, enduring various lawsuits and transformations before being sold for $70 million to the virtual concert platform MelodyVR in 2020. While the future direction of Napster remains uncertain, it’s fascinating to see a legacy name embrace the Web3 evolution.

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