While once thought of as dead brands, Napster and LimeWire could quickly emerge as major players in the music web3 space, ripe for disruption. Investors in LimeWire include Kraken, and others with web3 experience. The LimeWire NFT marketplace will focus on assets like artwork and collectibles from musicians.
The deal will allow artists the opportunity to sell NFTS on the upcoming music blockchain platform from LimeWire. Universal counts a major roster of some of the biggest artists in the world.
Universal Music Group signed to join the LimeWire Algorand marketplace this week. “Napster is already out front when it comes to doing better for artists, delivering the highest payouts of any streaming service.” Troiano points to music labels getting 50% of streaming revenue and only around 7% going to the musicians themselves. Streaming services like Spotify Technology SPOT and other allow users the ability to listen to songs with a cut of revenue going to the artists. Years later, music download services from Inc AMZN and Apple Inc AAPL offered better music download options like buying one track instead of a whole album. Napster fought the system by offering its 80 million users the chance to download music for free - until it was shut down. Why It’s Important: Troiano shared the history of a $16 CD, with only 16% going to the artist and the rest split between the record label, manufacturer and the retailer. News of Napster joining the web3 and NFT space in the music sector follows LimeWire, which announced an entry into the space earlier this year.
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