Napster Expands Into Web3 Music Space With Acquisition Of Mint Songs –
On Wednesday, Napster, the music streaming service originally launched in 1999, announced that the company had struck a deal to acquire Web3 music startup Mint Songs. Napster CEO Jon Vlassopulos insists that “we are in an unprecedented era of innovation in digital music,” and he believes Web3 innovations can help musicians find new ways to connect with their fans to get in touch.
Napster Ventures focuses on Web3 music startups
After acquiring Hivemind and Algorand in May 2022, Napster refocused on the Web3 area with the purchase mint songs, a Web3 music startup. The startup previously raised $4.3 million from firms including Freestyle Capital and Castle Island Ventures. The Mint Songs platform gives musicians the ability to purchase non-fungible tokens (NFT) items and songs about the polygon and to shape Ethereum Blockchains.
Mint Songs has worked with artists such as Gramatik, Black Dave and Mark de Clive-Lowe to release exclusive non-fungible token (NFT) memorabilia. When Napster CEO Jon Vlassopulos joined the company last year, he revealed plans to acquire companies in the music and Web3 space. Napster announced Wednesday that the acquisition of Mint Songs is the first of many focused on Web3 capabilities and related services.
“We are in an unprecedented era of innovation in the digital music space, and it feels like more music startups have been formed in the last two to three years than in the previous 20 years,” said Jon Vlassopulos, CEO from Napster, in one Bitcoin sent statement .com messages. “We are delighted to welcome one of the most impressive Web3 music startups, Mint Songs, as the newest member of the Napster family,” added Vlassopulos.
The exact value of the Mint Songs acquisition was not disclosed by Napster, and the deal was conducted by Napster Ventures, a newly formed subsidiary that aims to invest in the best Web3 music startups of the future.
“We’re excited for Napster to become a key player in Web3’s music ecosystem, and the acquisition of Mint Songs is a great groundbreaking step,” said Matt Zhang, founder and CEO of Hivemind, in a statement. Napster believes that combining Web3 with existing streaming distributions will open “new creative and commercial opportunities” for music fans. Similarly, the ‘old school’ music filesharing service, Limewire, has also attempted to attack the Web3 space with NFTs.
What do you think Napster’s takeover of Mint Songs means for the future of music in the Web3 space? Do let us know your thoughts on this topic in the comments section below.
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Source: Crypto News Deutsch