Napster Expands Into Web3 Music House With Acquisition of Mint SongsFebruary 16, 2023
On Wednesday, Napster, the music streaming service initially launched in 1999, introduced that the corporate has finalized a deal to amass the Web3 music startup Mint Songs. Napster’s CEO, Jon Vlassopulos, insists that “we’re in an unprecedented period of innovation within the digital music area,” and he believes Web3 improvements may help musicians discover new methods to attach with their followers.
Napster Ventures Units Its Sights on Web3 Music Startups
After its Hivemind and Algorand acquisition in Could 2022, Napster has reignited its deal with the Web3 area by buying Mint Songs, a Web3 music startup. The startup had beforehand raised $4.3 million from companies together with Freestyle Capital and Fortress Island Ventures. The Mint Songs platform provides musicians the flexibility to mint non-fungible token (NFT) gadgets and songs by way of the Polygon and Ethereum blockchains.
Mint Songs has labored with artists reminiscent of Gramatik, Black Dave, and Mark de Clive-Lowe to launch unique non-fungible token (NFT) memorabilia. When Napster’s CEO, Jon Vlassopulos, joined the corporate final yr, he revealed plans to amass firms within the music and Web3 area. Napster introduced on Wednesday that the acquisition of Mint Songs is the primary of many with a deal with Web3 options and associated companies.
“We’re in an unprecedented period of innovation within the digital music area and it appears like there have been extra music startups fashioned within the final two to 3 years than within the earlier 20,” Napster CEO Jon Vlassopulos stated in an announcement despatched to Bitcoin.com Information. “We’re delighted to welcome one of the crucial spectacular Web3 music startups, Mint Songs, as the most recent member of the Napster household,” Vlassopulos added.
The precise worth of the Mint Songs acquisition was not disclosed by Napster, and the deal was executed by Napster Ventures, a newly created subsidiary that goals to put money into the very best Web3 music startups going ahead.
“We’re excited for Napster to be a central participant within the music Web3 ecosystem, and buying Mint Songs is a superb foundational step,” stated Matt Zhang, founder and managing associate of Hivemind, in an announcement. Napster believes that combining Web3 with present streaming distribution will “unlock new inventive and industrial alternatives” for music followers. Equally, the ‘old-school’ music file-sharing service, Limewire, has additionally attempted to sort out the Web3 area with NFTs.
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