The music streaming service provider, Napster, announced the acquisition of the web3 music startup Mint Songs.
Napster revealed that Mint Songs would serve as the basis for their Web3 products going forward. It was announced at the time of Vlassopulos’ appointment that the newly established Napster Ventures will make its first transaction.
Napster Ventures will focus on fostering, investing in, and acquiring “the best Web3 music startups,” Napster says, as it aims to accelerate its Web3 feature rollout plans.
The purchase comes after Mint Songs raised $4.3 million from backers like Freestyle Capital and Castle Island Ventures. To provide exclusive NFT goods, Mint Songs previously collaborated with Web3 artists including Gramatik, Mark de Clive-Lowe, and Black Dave.
As the name suggests, Mint Songs also supports musicians in minting NFTs and offering exclusive artwork for their fans to purchase and trade in addition to helping them create Web3 communities.
Napster’s Web3 foray represents another endeavor for the two-decade-old business, which has operated under various names. Napster, which was initially developed as a peer-to-peer digital audio-sharing platform, is currently concentrating more on Web3 potential.
At the time of his appointment, Vlassopulos said this is just “the beginning of a massive multi-billion dollar market, so we’re not ruling out the possibility of raising a much larger round in 2023 to fuel our growth and finance acquisitions to maintain a leadership position in this space”.
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