On Wednesday, Napster, the music streaming service originally launched in 1999, announced that the company has completed its acquisition of music startup Web3 Mint Songs. Napster CEO John Vlassopoulos insists that “we are in an unprecedented era of innovation in the digital music space” and he believes Web3 innovation can help musicians find new ways to connect with their fans.
Napster Ventures targets Web3 music startups
Following the acquisition of Hivemind and Algorand in May 2022 Napster refocused its attention on the Web3 space by purchasing mint songs, music startup Web3. The startup has previously raised $4.3 million from firms such as Freestyle Capital and Castle Island Ventures. The Mint Songs platform gives musicians the ability to mint non-fungible token (NFT) items and songs via the Polygon and Ethereum blockchains.
Mint Songs has worked with artists such as Gramatik, Black Dave and Mark de Clive-Lowe to release exclusive memorabilia, non-fungible tokens (NFTs). When Napster CEO John Vlasopoulos joined the company last year, he spoke about plans to acquire music and Web3 companies. On Wednesday, Napster announced that the Mint Songs acquisition is the first of many to focus on Web3 features and related services.
“We are living in an unprecedented era of innovation in the digital music space and it seems like more music startups have been created in the last two to three years than in the previous 20 years,” Napster CEO John Vlassopoulos said in a statement sent to Bitcoin. .com News. “We are delighted to welcome one of Web3’s most exciting music startups, Mint Songs, as a new member of the Napster family,” added Vlassopoulos.
The exact cost of the acquisition of Mint Songs was not disclosed by Napster, and the deal was brokered by Napster Ventures, a newly formed subsidiary that intends to invest in top Web3 music startups in the future.
“We are thrilled that Napster will become a central player in the Web3 music ecosystem and the acquisition of Mint Songs is an important foundational step,” said Matt Zhang, Founder and Managing Partner of Hivemind. Napster believes that combining Web3 with existing streaming distribution will “unlock new creative and commercial opportunities” for music lovers. Similarly, the “old school” music file sharing service Limewire has also attempted to take over the Web3 space with NFTs.
What do you think Napster’s acquisition of Mint Songs means for the future of music in the Web3 space? Let us know your thoughts on this in the comments section below.
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