independent music streaming service, Napsteracquired Web3 music startup Mint Songs as part of a broader goal to roll out Web3 capabilities. This is according to an official statement released on February 15th. As part of the deal, Mint Songs product lead Nate Pham will join his Napster to lead the Web3 product initiative.
Launched in 2021, Mint Songs is a music startup operating an NFT marketplace. This marketplace helps a music artist build her Web3 community by creating songs and exclusive art for fans to own and trade. Napster, on the other hand, is the original music distribution company that launched its music streaming service at the end of the last century.
The acquisition comes five months after former Roblox executive Jon Vlassopulos joined Napster as its new CEO. From the beginning, he made it clear that Napster was looking to expand its reach into his Web3 and wider music ecosystem, and was considering several acquisitions to do so.
Napster plans to acquire more music and Web3 startups after bagging Mint songs
The acquisition of Mint Songs is the first of many as the company accelerates its plans to roll out on Web3. In his statement, Vlassopoulos said: “When I joined, we were talking about Napster Ventures and looking at opportunities in the market for a possible rollup.” Acquiring Mint Songs therefore makes sense as it allows Napster to speed up its go-to-market strategy on Web3. It’s a natural evolution from where the company was.he goes on to add “They’re great. I think there’s been a lot of innovation in the Web3 music space.”
After the acquisition, Garrett Hughes, co-founder and CTO of Mint Songs, will join Napster as an advisor. He will work closely with his CEO at the company to help the company integrate his Mint Songs technology into his Napster platform.
Hughes will also continue to advise the Napster team on how best to launch Mint Songs’ planned new Web3 products and services. About the acquisition, he said: “We are excited to bring this technology into the Napster ecosystem and extend this service to our fans and artists.”
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Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent his 5+ years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world.
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