Algorand and Hivemind Capital, a cryptocurrency investment firm, announced that they have acquired the music streaming service Napster.
Napster was originally founded as a peer-to-peer music-sharing service in 1999, and quickly amassed over 1.5 million users worldwide. The company was shut down just two years later due to legal issues involving copyright infringement.
Hivemind announced the acquisition on Twitter, stating that together with Algorand it would “revolutionize the music industry by bringing blockchain and Web3 to artists and fans“.
Hivemind is an investment firm founded by former Citi executive Matt Zhang. The firm was established to invest in up-and-coming crypto companies, trade digital assets, and employ a “play-to-earn strategy” in the crypto gaming space.
In November 2021, Hivemind announced Algorand would be its first strategic partner, which it chose to provide the technology for its network ecosystem infrastructure. Zhang said at the time that he believes “Algorand is the preeminent blockchain protocol that allows institutional and corporate users to connect with the decentralized economy“.