Napster, the brand that became synonymous with free music to a generation of consumers, plans to rebuild its business around cryptocurrencies and nonfungible tokens, even as demand for such assets has slumped.
The streaming platform’s revamp is part of a take-private acquisition by Hivemind Capital Partners, former Citigroup Inc. executive Matt Zhang’s crypto venture. The UK-based company plans to launch its own token, $NAPSTER, which music fans can use to buy tickets and experiences from artists on its new platform, said Zhang and Napster’s Chief Executive Officer Emmy Lovell.
