Napster is working towards incorporating the web3 and digital music ecosystem into its operations to form a solid foundation for its future endeavors.
In September, a new firm took the helm with Jon Vlassopulos as its CEO. In style of this re-incarnation, they have acquired Mint Songs — a platform that assists music creators to build web3 communities and design NFTs for fans to own and transact. Plus, it allows them to provide limited edition artwork too.
The exact terms of the agreement weren’t disclosed. Furthermore, Garrett Hughes, Mint Songs’ co-founder and CTO will stay and help with the assimilation of Mint Songs’ technology to Napster’s platform. He’ll also provide guidance during the release of services & products previously seen on the Mint Songs roadmap.
Nate Pham, previously the head of product, is now part of Napster and will be focusing on web3 initiatives.
Investing firms such as Freestyle Capital and Castle Island Ventures have recently invested $4.3 million in the Mint Songs project. Famous artists like Gramatik, Mark de Clive-Lowe and Black Dave are among the many to team up with this platform to offer exclusive NFTs.
According to Vlassopulos, the digital music industry is going through an unprecedented era of innovation. He noted that more music start-ups have been formed in the last two to three years than in the previous two decades.
It’s fantastic to observe so many skillful groups striving for the advancement of a music environment that is most beneficial for musicians and admirers alike.
Garrett and his team have achieved revolutionary success in aiding thousands of performing artists break into the web3 space, get closer to their fan base through collectibles, and open up vast new revenue streams.
Vlassopulos mentioned that artist collectibles will soon be available on Napster over the next few months.
Napster is now looking to incorporate collectibles into its service. Fans can be rewarded for their loyalty to their favorite artist or even purchase them as memorabilia. This will enable users to be able to connect and share these items with each other.
With hundreds of thousands of artist storefronts where fans visit daily, it makes perfect sense to add collectibles to the fan experience. This will give our fans something extra and make them feel even more valued.
Noted Hughes:
After a thorough search, it was impossible to ignore Jon & Napster’s commitment to bring web3 music to the mainstream. Partnering with them seemed the best option for giving artists a real marketplace where millions of fans are already present.
We have been working hard to find innovative ways for artists to interact with their fans while also giving them the opportunity to make money from it. Our goal is to create deep and engaging opportunities that bring both parties together.
Music fans seem to be demanding more than just the traditional on-demand music and podcasts, making Napster’s goal of providing a great variety of services even more appealing.
Napster Ventures, which was formed when Vlassopulos was appointed as CEO, recently initiated its first transaction by purchasing Mint Songs. The announcement made at that time confirmed Vlassopulos’ appointment as the CEO.
Napster is elated to be a crucial component of the music web3 system, and procuring Mint Songs is an excellent initial step, opined Matt Zhang, the founder & managing partner of Hivemind which had bought Napster last year.
With Napster’s innovativeness and Mint Songs’ technology and know-how, the combination of the two can aid in pushing web3 to new heights within the music industry.
