On Wednesday, the music streaming service Napster, which was launched in 1999, announced that the company had reached a deal to acquire the assets of WeMusic startup Mint Songs b3. Jon Vlassopulos, Napster’s CEO, maintained that “we are in an era of unprecedented innovation in the digital music space,” and believes that improvements in Web3 can help musicians find new ways to connect with their fans.
Napster Ventures Targets WeMusic Startups in the b3 Zone
After the Acquisition of Hivemind and Algorand in May 2022, Napster shifted its focus to the WeShop for the b3 zone mint songs, a startup that had raised $4.3 million from companies like Freestyle Capital and Castle Island Ventures. The Mint Songs platform gives artists the ability to mint non-fungible tokens (NFTs), badges, and songs through the Polygon and Ethereum blockchains.
Mint Songs had worked with musicians such as Gramatik, Black Dave, and Mark de Clive-Lowe to produce exclusive non-fungible tokens (NFTs) and memories to release. When Jon Vlassopulos joined the firm in the previous twelve months, he unveiled plans to construct music-related companies in the Web3 area. Napster’s announcement on Wednesday of the acquisition of Mint Songs is the main axis of all the others. They provide services and solutions for the Web3.
“We are in an era of unprecedented innovation in the digital music space, and it appears as though more new music companies have been formed in the last two to three years than in the last 20,” said Napster CEO Jon Vlassopulos in a statement sent to the press. “We are delighted to welcome one of the most outstanding Web3 music startups, Mint Songs, as the newest member of the Napster family,” added Vlassopulos.
Napster did not disclose the exact amount of the deal. The acquisition of Mint Songs and the agreement were completed by Napster Ventures, a new subsidiary that aims to invest in the best Web3 startups in the music sector.
“We are excited that Napster is a major player in the Web3 music environment, and the acquisition of Mint Songs is a major, pivotal step,” said Matt Zhang, founder and managing partner of Hivemind, in a statement. Napster believes that the combination of Web3 technology with streaming delivery will “unlock new creative and business opportunities” for music fans. Similarly, the old-style music file-sharing website Limewire made a second attempt to address the issue with NFTs in the b3 zone.
What do you think of Napster’s acquisition of Mint Songs in the context of the emerging Web3 space? Let us know your thoughts in the comments section below.
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