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The longest-running independent music streaming platform Napster might change the Web3 music NFT niche this year! The company’s latest acquisition, Mint Songs, is a leading NFT-based music marketplace. Together, the duo aims to connect fans with their favorite artist with new experiences – and that’s just the beginning.
Why Did Napster Purchase the Web3 Marketplace Mint Songs?
Napster, a leading independent music streaming service, might also lead the way for Web3 music projects in 2023. This year, the company’s new CEO Jon Vlassopulos’s core goal is to grow Napster’s presence in the Web3 world too.
The first move in that direction was purchasing the popular Web3 music-centered marketplace Mint Songs, the team confirmed in a statement.
“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,” said Vlassopoulos.
Napster has over 20 years of experience in the domain. From label connections to artists and a powerful community, the team is ready to bring their valuable input to the growing Web3 universe with Mint Songs.
What is Mint Songs?
In short, Mint Songs is an NFT marketplace focused on producing, minting, and trading music collectibles. This platform facilitates artists’ creative process, as well as their means of promoting their own artworks as NFTs.
Thanks to this innovative concept, Mint Songs raised more than $4.3 million in a seed funding round. The round was led by Castle Island Ventures and Freestyle Capital to name a few. However, their partnership with Napster is undoubtedly taking their journey to a new level.
“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,” said Mint Songs Co-Founder Garrett Hughes.
Accordingly, Hughes will become a leading advisor for Napster’s digital journey laying ahead, including new product and tool launches.
Are Web3 music NFTs on the Rise?
Having a company as popular as Napster focusing on Web3 music projects definitely says something about this niche. After all, music NFTs skyrocketed in popularity last year partly due to some big names IRL joining the Metaverse.
For example, artists and bands such as Boy & Bear, Nas, Sonu Nigam, and Iman Europe released new tracks, music videos, and even EP’s as NFT collectibles. Moreover, iconic artists such as Eminem and Snoop Dogg took NFTs mainstream with NFT music videos.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
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