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So when are we getting our tokens?
Have had my second payment two weeks ago. Anybody had a third? Had some contact with Napster about 2nd payment, but the question about tokens does not get answered so far.
From linkedin. Jonathan Vlassopulos
It has been almost 1 year since I joined Napster as CEO and announced the new Napster 3.0 plan on stage at ATM22 in my interview with Lucas Shaw. We have been very busy since then updating the platform, acquiring companies, hiring talented new team members and preparing to roll out new Web2 and Web3 products and features. Thrilled to be back speaking at #ATM23 sharing the latest and greatest in my keynote interview with the esteemed Ralph Simon FRSA and then sharing our thoughts on how Web3 will impact the music industry with my expert fellow panelists Hazel Savage Andrew Batey Iqbal Ameer Ken Cheung
Sorry Tubs, I've not checked in here for some time! Some of us have received tokens already, myself included. To do this we had to liaise with Napster directly, however Hargreaves Lansdown has blocked Napster doing this for their clients, so if you're with them your saga will continue for some time to come
Where are your tokens now being held, with your broker? II say they can’t hold them so are “in talks” with Napster about how to do that! Very frustrating - how many tokens did you receive roughly? I guess we’re still not going to know value until end of March?
Thanks PG, i,am based in The Netherlands. I have a contact with Napster but he has not answerd the question about the tokens.To be continued.
No developments from HL for me either. ive not bothered to chase them up as i imagine they will let me know when something has been decided and the reality is that i am entirely in their hands to sort this out as best they can.
Likewise with ii, Italian. But it seems the ball is with Napster rather than the brokers
Pure G, you don't have to tell us how many tokens you have, but as a matter of interest how many did it work out per share?
Afternoon albert.hope you are well. yes the wait goes on,but i imagine we must be nearing a resolution.
Yep I got about 330,000 tokens. I had to set up a crypto wallet to receive them as my broker's also will not support them (my broker's being trading 212 and AJ Bell) yes with Hargreaves Lansdown you'll definitely be stuck in the mud. I'll get back to you on the tokens per share will have to check. As for the value that will not be revealed until public launch of the network.
I know of someone who was holding in a SIPP and has decided not to take custody of the tokens as this could potentially generate a taxable event for him. Instead he has come to some kind of arrangement I don't the specifics but it's something along the lines of the tokens allocated to him will be sold on his behalf by Napster at his request and the proceeds given to the broker and then in turn to him. This way he will still be able to enjoy the tax benefits of the SIPP.
I think it's highly unlikely you will be frozen out completely. At the moment the broker's point to Napster as the delay and Napster point to the brokers. Ultimately Napster have shown willing to give the tokens to the brokers and the broker's refuse to accept them, so Napster again show willing to pay the beneficiaries directly and at least one broker has blocked this from happening for their clients. I believe Napster will do the best they can on their part to get tokens to you, or at least the (as yet undecided) value of tokens to you.
I think March is a good guess in terms of timeline for setting value. I have subscribed to the app and they have been updating the UI fairly regularly. I also have Spotify so compare the two often. They already have different offerings.
Interestingly Napster recently launched a store to sell Napster branded merch, but it was interesting to see that play out from within the app. The experience started in app and took me to a webpage. I imagine this was a test of sorts for artists to be able to sell their own merch, and more importantly to the web3 element, NFTS within the ecosystem
Very interesting posts, PG, as always.thanks.
Morning Italian, PureG.
Thanks again for the info. Interesting the bit about a possible cash payment in lieu of tokens.
The original Napster (streaming0 still underpins all this. As a private company they don't have to give us any figures - so they don't. All the same I might dig and see what I can find.
Of course, the original idea at de-listing was NASDAQ (although no promises). And while Jon V has not been in favour of amassing loads more shareholders, it might clear some clouds and provide an exit for some of us LTHs.
.
I had approximately 2700 shares
Greetings PureGypsum
That works out at about 122.22 tokens per share, correct?
Can you please say which wallet you had to set up, was it an Algorand wallet?
Best of luck to all
Hi Italian, I too am with H&L and I likewise have heard zero. Call me an old cynic but we likely wont hear much from them until they have come up with a way to cream a few % off the top.
The very thought !!!!!!
All the best
The math is pretty much correct trousers! The wallet I used was called Pera Wallet but essentially yes its an Algorand wallet.
Afternoon trousers.very probably correct.from a personal perspective I've concluded that i would prefer a cash payment i lieu,even if it is at some discounted rate.i doubt i have the necessary facility to deal comfortably with the mechanics of a crypto payment.also i have a very small holding in my drawdown sipp (most were in my own and my wife's HL isas) and in light ion PGs comments earlier about possible tax consequences i would prefer a simple cash receipt.just my personal view of course.
Finally got hold of Pete Wylie (Napster CFO) on Friday - he’s sent me the forms to apply to have to token into a crypto account rather than go through the brokers. I’ll see how I get on
Hello PureGypsum, that's very helpful, thank you.
For anyone else out there like me who hates doing any banking etc on mobiles (it's a fat finger disaster area) then swerve the Pera wallet. Instead, I can recommend the Exodus desk top wallet. It's relatively very easy to use and you can instantly get a deposit address should we have to accept Algorand tokens. Once the tokens are safely in the wallet I would wait until about December 2024 because this will be about 8 months after the Bitcoin halving when historically crypto prices peak and this should be a good time to sell. You will need to open an account with an 'exchange' like Kraken, Coinpass, Bitstamp etc. Then it's just a case of sending them your Algorand tokens, you exchange them for cash, and then you transfer the cash into your bank.
Hopefully though H&L will settle with Napster for cash which hopefully can then be distributed among us???
Guess for now it's just a case of wait and see although I think I shall email H&L and try to fathom out how they intend to play this?
Best wishes to all, be lucky.
Cheers Italian
I will message H&L and try to find out how they are going to handle this? It's about time!
All the best, be lucky
Greetings Italian / PureGypsum and all, I sent the following message to H&L yesterday....
''I understand H&L is still working on how to exchange Naps shares for Algorand tokens, is this correct?
I can let you have an Algorand wallet address into which you can transfer my Algorand tokens. Is this possible?
I have heard from other non H&L investors who have gone direct to Pete Wylie CFO at Napster and obtained the forms to claim their tokens and are receiving something in the order of 122.22 Algorand tokens per Naps share. Do you recognize this figure in your own calculations?
Ends
Today I received the following reply....
''The Napster tokens were issued at the end of March 2023. The 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.
Hargreaves Lansdown can't hold crypto tokens on our platform. Your tokens are currently being held in an escrow account overseen by the Napster Innovation Foundation (an organisation formed to distribute the tokens). Napster Innovation Foundation is currently investigated options for token holders, including platforms like HL, that cannot hold the tokens.
Currently, our platform is still looking into options for our clients to be able to move the tokens to their own wallets. When we hear more, we will update you.
Thank you for your patience in the meantime''. ENDS
Hope this helps. All the best and be lucky.
Thanks very much for that, trousers, appreciated. looks like we will know the options reasonably soon.
PG could you let us know approx how long it took from submitting forms to receipt of tokens? I got a pretty swift response from Napster with forms for completion (now done).
Hi GPHolding, can you let us know who and what email adress you used to get in contact?
Tubs,
Copy of email received below. Can't see how to attach anything to the post or would also attach the forms.
Investor Relations
Hi Greg,
We need you to complete the 2 attached forms and then provide evidence of your holdings near the time of the merger (March 31, 2022) in the form of an official statement.
Thanks,
Pete
Sorry that didn't copy the email address properly.
ir@napsterfoundation.org I got it from a previous post on here