all about cryptop referances
On Wednesday, Napster, the music streaming service originally launched in 1999, announced that the company has finalized a deal to buy Web3 music startup Mint Songs. Napster CEO Jon Vlassopulos insists that “we’re in an unprecedented era of innovation in the digital music space,” and he believes Web3 innovations can help musicians find new ways to connect with fans.
Following the acquisition of Hivemind and Algorand in May 2022, Napster has resumed its focus on the Web3 space by purchasing Mint songs, a Web3 music startup. The startup had previously raised $4.3 million from firms including 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 NFT (non-fungible token) memorabilia. When Napster’s CEO, Jon Vlassopulos, joined the company last year, he revealed plans to buy companies in the music and Web3 space. Napster announced Wednesday that its acquisition of Mint Songs is the first of many focused on Web3 capabilities and related services.
“We’re in an unprecedented era of innovation in the digital music space, and it feels like more music startups have been formed in the last two to three years than in the previous 20,” Napster CEO Jon Vlassopulos said in a statement sent to Bitcoin .com News. “We are excited to welcome one of the most impressive Web3 music startups, Mint Songs, as the newest member of the Napster family,” Vlassopulos added.
The exact value of the Mint Songs acquisition was not disclosed by Napster, and the deal was executed by Napster Ventures, a newly formed subsidiary that aims to invest in the best Web3 music startups going forward.
“We’re excited for Napster to be a key player in the music Web3 ecosystem, and acquiring Mint Songs is a great foundational step,” Matt Zhang, founder and managing partner of Hivemind, said in a statement. Napster believes that combining Web3 with existing streaming distribution will “unlock new creative and commercial opportunities” for music fans. Similarly, the “old” music file sharing service, Limewire, has also tried to tackle the Web3 space with NFTs.
What do you think the Napster acquisition of Mint Songs means for the future of music in the Web3 space? Let us know your thoughts on this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
Ethereum Deflation Accelerates As Shanghai Upgrade Approaches — Can ETH Price Avoid 30% Drop?
Cetera works with Asset-Map, MSCI goes with Google
Square Enix doubles down on blockchain, fans say they literally want something else
equipifi appoints Mary Anne Keegan and Lou Anne Alexander to the board
Tribal group in India gets blockchain caste certificates
How will Cardano (ADA) fare with DeFi, NFT growth?
The Global Crypto Community Gathers for Dubai’s Blockchain Economy Summit, Uniting Industry Leaders for a Groundbreaking Event 4-5 October 2023
Crypto Market Decay Drives Crypto Investment and Adoption
Silk Road: the biggest Bitcoin seizure
Big Eyes Coin Rises In Presale As Bitcoin Loses 5-Month High
Venezuela Shuts Down Crypto Exchanges and Mining Farms – Everything You Need to Know
El Salvador Considers Opening Second Bitcoin Embassy in Texas to Increase Economic Exchange – Bitcoin News
Lindsay Lohan, other celebrities settle with SEC over crypto case
