Napster takes ‘foundational step’ into Web3 with Mint Songs acquisition
Napster, the well-known music streaming service, has made a major move by acquiring Mint Songs, an NFT music marketplace, with the aim of helping artists build a strong Web3 presence.
Will Napster lead web3 music innovation?
The acquisition represents a significant milestone for Napster as it paves the way for Web3 music to reach a wider audience.
According to Napster’s CEO Jon Vlassopulos, Mint Songs has made significant strides in enabling thousands of artists to establish their presence in Web3, engage with fans in innovative ways through collectibles, and unlock substantial revenue streams. Vlassopulos believes that the logical next step is to provide fans with collectibles as rewards for engaging with their favorite artists or allowing them to purchase and share such collectibles.
Mint Songs’ co-founder and CTO, Garrett Hughes, said Napster’s vision to make Web3 music accessible to a wider audience is auspicious. Hughes believes that Napster’s platform provides an excellent opportunity for artists to interact with their fans in profound, immersive, and innovative ways. He further noted that fans now demand a music service that goes beyond on-demand music and podcasts, making Napster’s ambitious goals even more appealing.
As part of the acquisition, Nathan Pham, co-founder of Mint Songs, will join Napster to oversee Web3 product initiatives. On the other hand, Hughes will serve as a consultant to the company, working in close collaboration with Vlassopulos to incorporate Mint Songs’ technology into the Napster platform.
In 2022, Napster was acquired by Hivemind and Algorand. In September of the same year, Jon Vlassopulos, who had spent almost three years at Roblox, was appointed as Napster’s CEO. He shared his ambition of uniting the community and empowering artists to engage with their fanbase through access to physical events and digital experiences. To further this goal, the company launched Napster Ventures to acquire Web3 music startups.
The Mint Songs acquisition by Napster has received high praise from Matt Zhang, the founder and managing partner of Hivemind. Zhang called the acquisition a “foundational step” for Napster, expressing his excitement for the company’s future as a central player in the music Web3 ecosystem. He also believes that the combination of Napster’s innovative platform with Mint Songs’ technology IP and expertise will greatly benefit the music industry by driving Web3 innovation.