This year, Napster, the longest-running independent music streaming service, could change the Web3 music NFT niche. Mint Songs, which the company just bought, is a top NFT-based music marketplace. Together, the companies want to give fans new ways to connect with their favorite artists, and that’s just the start.
Quick Take:
- Mint Songs, a leading NFT-based music marketplace, is the company’s latest acquisition. The duo wants to introduce fans to their favorite artists through new experiences.
- Napster has been around for more than 20 years and has strong connections with artists and record labels.
Why did Napster Buy The Mint Songs From The Web3 Marketplace?
In 2023, Napster, a leading independent music streaming service, may also pave the way for Web3 music projects. This year, the company’s new CEO, Jon Vlassopulos, wants to expand Napster’s presence in the Web3 world as well.
The team confirmed in a statement that the first step in that direction was the purchase of the popular Web3 music-focused marketplace Mint Songs.
“Garrett and team (at Mint Music) have done groundbreaking work helping thousands of artists get their start in Web3, reach their fans in new creative ways through collectibles, and unlock significant new revenue streams,”
CEO Jon Vlassopulos
Mint Songs: A New Application Of Web3
Mint Songs is essentially an NFT marketplace devoted to creating, minting, and exchanging musical collectibles. This platform supports artists’ creative processes and gives them a way to market their own NFTs.
Mint Songs was able to raise more than $4.3 million in a seed funding round because of this creative idea. Castle Island Ventures and Freestyle Capital, to name a couple, were the leaders of the round. However, their collaboration with Napster is unquestionably elevating their journey.
“Our goal all along has been to create deep, engaging, ways for artists to connect with fans that also offer them an opportunity to monetize that fandom. Conversely, we see a demand from fans for a music service to offer more than just on-demand music and podcasts, which makes Napster’s ambitious goals all the more attractive,”
Mint Songs Co-Founder Garrett Hughes
Therefore, Hughes will play a key advisory role in Napster’s future digital endeavours, including the introduction of new tools and products.
When a well-known company like Napster focuses on Web3 music projects, that says a lot about this niche. Last year, the popularity of music NFTs went through the roof, in part because some big names in real life joined the Metaverse.
Boy & Bear, Nas, Sonu Nigam, and Iman Europe, to name a few, released new songs, music videos, and even EPs as NFT collectibles. Also, well-known artists like Eminem and Snoop Dogg brought NFTs to a wider audience with NFT music videos.
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