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As part of the takeover of NM Inc (Napster Music Inc) by Algorand Holdco I Inc you received a payment of Napster Crypto Tokens (Napster Tokens).
Lock up period
The Napster Tokens were issued at the end of March 2023 and are being held by Napster Innovation Foundation, an organisation formed to distribute them. The Napster Tokens have an initial lock up period of 12 months from 31 March 2023, which means these tokens can’t be traded or valued right now. We are awaiting further information about options for how the Napster Tokens may be held or traded after the end of the lock up period and will update you when we have further information.
Holding Napster Tokens with Hargreaves Lansdown
As previously communicated, Hargreaves Lansdown cannot hold crypto tokens on our platform. The Napster Tokens recorded are therefore strictly for bookkeeping purposes, representing Napster Tokens held by the Napster Innovation Foundation. Napster Innovation Foundation is currently investigating options for token holders, including platforms like Hargreaves Lansdown that cannot hold the Napster Tokens.
We have updated your Stocks & Shares ISA to reflect that you are entitled to 123.34 new Napster Tokens for each NM Inc share held. We shall continue to maintain records of your entitlement to Napster Tokens and engage with the Napster Innovation Foundation to establish more information about how Napster Tokens may be held or traded after the end of the lock up period.
Important information for ISA holders
Under HMRC rules, these crypto tokens can’t be held in an ISA. As you hold these units in an ISA, they must be removed from it.
You need to transfer your units into a Fund & Share Account. If you already have an active Fund & Share Account you don’t need to do anything – we’ll automatically transfer your holding shortly after Thursday 21 March 2024. If you don’t currently have an active Fund & Share Account you can open one online at www.hl.co.uk or over the phone on 0117 900 9000.
If you don’t have an active Fund & Share Account open by Thursday 21 March 2024 we’ll place your shares into an inactive version, which you can then activate by following the same account opening procedure as above.
Holding Napster Tokens in an Algorand wallet
If you wish to hold your Napster Tokens directly, rather than via Hargreaves Lansdown, the Napster Foundation are now able to facilitate a transfer of the Napster Tokens into an Algorand wallet in your name should you wish to do so. An Algorand wallet would be provided by a third party, and if you wish to transfer to the Algorand wallet you should ensure that the wallet is suitable for you, that you understand the implications of the transfer and use of the Algorand wallet, and that you have read all relevant information and terms and conditions relating to the Algorand wallet.
We are not able to provide any advice or instruction in relation to Algorand wallets, your tra
That is indeed pg. i will try and copy and paste it later,as there is a bit more to it.if i can't copy it i will summarise it instead.
Unless you're with ii.
I messaged them on Tuesday. As yet no reply.
Understand there's been a HL update? Looks like they will handle the transfer of tokens to a wallet you provide details of in writing. All's well that ends well.
Yes I too have my token entitlement showing in my HL account now.
Hope you get a prompt response this time albert. good luck.
Well done Italian.
ii have not been so fast unfortunately, so I have messaged them.
They seem to be the slowest these days, and their website is like trying to navigate in a tsunami
I have had a response this afternoon from HL.they state they can confirm that they have credited my accounts with their token entitlements. they are also in the process of preparing detailed communications with regard to said entitlements. my accounts are indeed now showing figures for the number of tokens due and i am waiting now for the detailed advice etc. good to see that things are moving forward
Yes,that makes sense,albert don't want to roll out the pioneers until the wagons are ready to take them to the promised land! .glad to hear john v continues to be upbeat,as i haven't tried to follow him for a while.fingers crossed.
Hi Italian
Nothing from ii either, although in the past they have been in contact pretty fast when they have had news.
As I see it we are waiting for tokens which would need to be in place before the artists are in the Metaverse (en masse hopefully). Something which Jon V continues to be upbeat about.
Afternoon albert. well that is one less pioneer to have to worry about. in the vein of pioneers and visionaries, wasn't our erstwhile leader, matchett, ofter described as a visionary. that didn't end well did it!
on a serious note, i have girded up my loins (are we allowed to say that sort of thing anymore?) and messaged HL, as I've still not heard anything at all. will notify of response in due course.
Our Metaverse pioneer seems to have gone AWOL. His Instagram has been taken down and his picture is no longer on Napster's.
Can anyone find him??
Yes I have the same as Snapuae,
Just on the phone to HL to see if any further details available...
they are writing out further comms which will go out shortly outlining the steps to withdraw the tokens.
quite a complex process as HL do. not deal with Crypto.
so will know better what's going on shortly.
There is no detail or link to a letter, just a note "Corporate Action ref - E 01229197"
Yes it would be good if you could copy and paste the contents of the letter.
Perhaps they are ready to launch soon?
Thanks ofr that Lu. my wife and i are both on HL and neither of us have had any notification as yet.are you able please to clarify a little as to what the notification actually says and did you get the usual HL email to say that you had had a corporate action notice? many thanks
Just logged in to HL account and seen a corporate action dated today 12/ feb/ 2024
Napster
Token Entitlement
What does this mean as haven't the foggiest
Had a look to see what I could find on this guy, including Ebay to see what vinyl/CDs there are/have been. Precious little.
I think Napster Metaverse is going to need some NAMES. Not Z-listers who think they are superstars.
Yes indeed Italian. Maybe Napster and Terra Zero can come up with some classier material, in time.
Well at least his reply demonstrated the full extent of his articulateness and intellectual capabilities! a shining (not sure I've spelled that quite right) example to us all!
Posted a comment on the above's Instagram asking why he was talking about Spotify on his forthcoming London show, and no mention of Metaverse. His reply "Shut the **** up, loser".
Don' these superstars get up themselves??
Casey,im on Hl and have certainly not received any tokens direct.i haven't heard from HL for some time,when they were saying they were in discussions with napster to try and resolve the issue.i suspect it may simply prove impossible for those on the regular platforms like HL to receive the token as tokensand the best i am hoping for is that some form of buyback of our entitlements can be negotiated so we receive some cash instead.i hasten to emphasise this is just my opinion and may be entirely wrong.also i do recall some posters (at least one anyway)saying they had,in effect,bypassed their provider and obtained tokens direct from napster,but i think this was very much a one off and that platforms have requested napster not to allow this in the future.im saying this from memory(not so good at my age im afraid)and haven't checked back over the posts from several months ago,so please don't quote me on this.
I hold these in my Lloyds share dealing account & I've received the various payments but nothing regarding the tokens. I've just received an email back from Lloyds saying they still haven't received any news. Can I ask if anyone else who holds these with a dealing service, has obtained the tokens direct from the company or is it people who actually hold the share certificates?
Afternoon albert.yes good to see some developments.hoping for news on the tokens soon.will probably email HLshortly if i don't hear soon.
Morning Italian, PureG.
I'm trying to follow the updates on the Instagrams of Ric Wilson (who was quick to post), Napster, and Terra Zero. There is plenty of crossover between the three of them. Obviously the more artists that sign up the more interesting this will get.
The tokens should be due pretty soon for those of us still waiting for them.