Napster, the former music sharing company and now a paid streaming service provider, begins its planned acquisitions to shift to Web3 and revolutionize the music industry. Is the music NFT, Web3, the way of the future?
Napster, which has been dealing with music services for more than twenty years – which was the name of the most popular music download site for a long time – acquired the NFT company Mint Songs. Details of the transaction were not disclosed. However, this is only the first in a series of planned acquisitions with which it wants to speed up the implementation of its ambitious plans in the sector. According to the customer, the company is planning more stores with the best in technology.
Acquired by the streaming service provider, Mint Songs is a platform that helps music artists build Web3 communities, “mint” songs (“beat” or issue, create NFTs) and offer exclusive artwork to fans.
Collectors preferred
Jon Vlassopulos, CEO of Napster a He told Blockworks, that the next natural step for the company is to expand its offer with collectibles. Which fans can buy or get as a reward for connecting with artists.
As Mint Songs has already built and operates one of the leading collectors’ marketplaces, the acquisition allows us to rapidly roll out this new feature. “This allows us to offer our global artist and label partners an easy way to mint and showcase collectibles to their fans, creating a new revenue stream,” said Vlassopulos.
Napster-Web3 would go mainstream
“We were looking for a partner that would take what we’ve built over the last two years and provide a true marketplace for artists with millions of active fans,” said Mint Songs co-founder Garrett Hughes, who is joining Napster as a consultant.
Jon and Napster have a vision to finally push Web3 music into the mainstream.
Will LimeWire compete?
The acquisition comes after blockchain firm Algorand and crypto investment firm Hivemind bought Napster last year.
Hand revolutionize the music industry again by bringing blockchain and Web3 to theughfor fans and fans they wrote at the time.
Hivemind also participated in the $10 million private token sale of competing music service LimeWire, which was led by Kraken Ventures, Arrington Capital and GSR shortly before. LimeWire said at the time that it would soon launch its own digital collections marketplace.
Hundreds of millions of songs on Napster
In June, Napster outlined its plans to incorporate Web3 technology into its existing business. A new organization, the Napster Innovation Foundation, will also issue Napster tokens using the Algorand blockchain sometime this year. Napster then hired Vlassopulos, the former global head of music at gaming platform Roblox, as CEO last September.
Founded in 1999, Napster currently offers subscribers more than a hundred million songs.
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Published on the BitcoinBázis page.