🎧 The Metaverse Welcomes Napster

In today’s newsletter we discuss Napster being acquired (again) for $207 million dollars, eToro has filed to go public, Nas and DJ Premier might actually be ready to drop an album together, the SEC might let startups use NFTs for fundraising, the U.S. Air Force is preparing to conduct a test with SpaceX to explore if it's possible to use rockets for rapid cargo delivery, and NBA star Stephen Curry has joined forces with Michelle Obama's Plezi Nutrition to introduce Plezi Hydration.

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🎧 The Metaverse Welcomes Napster

Napster, a name that was once synonymous with music piracy, has been acquired once again, this time by the tech startup Infinite Reality for $207 million dollars. This latest transaction marks just another crazy chapter in the history of the seminal platform that literally reshaped the music industry.

To understand the significance of this sale, it's crucial to understand Napster's origin story. Founded by Shawn Fanning and Sean Parker in 1999, Napster provided a peer-to-peer file-sharing service that enabled users to freely exchange MP3 music files. The service exploded in popularity, quickly amassing millions of users. This rapid growth came at a steep price. The Recording Industry Association of America (RIAA) filed a lawsuit against Napster on December 6, 1999, alleging massive copyright infringement. The legal battles that ensued ultimately led to Napster's shutdown in its original form. Following this first shutdown, the brand has been sold multiple times, going through transitions that moved it from peer-to-peer file sharing, towards a subscription based streaming service that survives to this day.

Infinite Reality, a company focused on creating immersive experiences in the metaverse, intends to transform Napster into a "social music platform." This vision points to a future where music consumption is deeply integrated with Web3 technologies.

According to Infinite Reality’s CEO Robert Brinkley said in an interview "We are excited to welcome Napster into the Infinite Reality family. Napster has an iconic brand that has revolutionized the music industry. We plan to build on this legacy and expand into web3.”

This acquisition signals a potential shift in how music is distributed and experienced in the dawning age of the metaverse. Infinite Reality's aspirations hint at incorporating blockchain technology, NFTs, and virtual reality into the Napster experience, potentially creating new revenue streams for artists and more interactive experiences for fans.

Whether this latest iteration of Napster will achieve lasting success remains to be seen. However, one thing is certain: the name Napster will continue to be a powerful reminder of the disruptive force of technology and its ongoing impact on the music industry.

🏦 Business

eToro has filed to go public. This comes after the company has experienced a significant increase in revenue and profit growth in 2024, largely due to increased cryptocurrency trading activity. eToro intends to list its shares on the NASDAQ under the ticker symbol ETOR, with investment banks Goldman Sachs, Jefferies, UBS and Citigroup involved in the IPO.

🎤 Entertainment

The long-awaited collaborative album between Nas and DJ Premier, a project discussed for nearly two decades, has been generating some buzz lately. While the release of their single "Define My Name" in April 2024 sparked hopes for an album last year, that never happened. Now the  project's timeline has shifted (again) with people speculating it could now drop in 2025. The combination of the Queensbridge rapper’s lyrical prowess, and DJ Premier's iconic production, has a lot of hip-hop fans pumped for the new album.

🚀 Space

The U.S. Air Force is preparing to conduct a test with SpaceX to explore if it's possible to use rockets for rapid cargo delivery by the military. Literally, the plan is for the U.S. Air Force to launch cargo on a SpaceX rocket, and land it where the military needs it. The test will involve evaluating the logistics and practicalities of loading, launching, and retrieving cargo via SpaceX's Falcon or Starship. No word yet on if DoorDash is exploring a similar partnership with SpaceX.

🪙 Crypto

SEC Commissioner Hester Peirce has said the SEC is exploring potential exemptions for crypto startups using NFTs for fundraising, drawing parallels to existing exemptions for proof-of-work mining. The idea is to allow NFTs that provide utility, such as memberships, access to content, or exclusive perks, to operate outside stringent securities rules and regulations. This would offer crypto startups a new avenue for raising capital.

Oh how the SEC has changed in only the last few months!

💧 Sports

NBA star Stephen Curry has joined forces with Michelle Obama's Plezi Nutrition to introduce Plezi Hydration, a new sports drink designed with a focus on health. This seemingly odd partnership emphasizes a "better-for-you" approach, distinguishing Plezi Hydration from traditional sports drinks by significantly reducing sugar and sodium content. Instead the drink comes with essential nutrients like potassium and a full daily dose of vitamin C. Stephen Curry and his wife Ayesha Curry, who has a culinary background, are both co-founders and brand ambassadors of Plezi Hydration, and is now available on Amazon and at retail stores like Target and Kroger grocery stores.

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irl Media NEWSLETTER is written, edited, and published by Chris Thompson.