• Napster announced the acquisition of NFT music platform Mint Songs through its venture wing, Napster Ventures.
• Mint Songs allows artists to turn their music into NFTs, as well as create exclusive art for their fans.
• Nate Pham and Garrett Hughes were hired to lead Napster’s Web3 product initiatives and serve as an adviser respectively.
Napster Acquires Music-Focused NFT Platform
Napster has acquired NFT music platform Mint Songs through its venture wing, Napster Ventures, in an effort to move into the Web3 space. Mint Songs provides artists with the ability to turn their music into non-fungible tokens (NFTs) and create exclusive art for their fans. Former Head of Product Nate Pham and former Mint Songs co-founder and Chief Technology Officer Garrett Hughes have been hired by Napster to lead its Web3 product initiatives and serve as an adviser respectively.
Aims of Acquisition
The aim of this acquisition is to allow Napster to incorporate Mint Song’s Web3 strategy while also offering new revenue streams for artists engaging with fans in more engaging ways. Jon Vlassopulos, CEO of Napster said “We are in an unprecedented era of innovation in the digital music space and it feels like there have been more music startups formed in the last two to three years than in the previous 20.” He added that it was inspiring “to see so many talented teams pushing to create a music ecosystem that is better for artists and fans”.
Web3 Adoption
The news comes after other large companies such as Warner Music Group announced adoption plans for Web3 technology, which further demonstrates how companies are looking towards blockchain technology for potential growth opportunities within the industry. This acquisition by Napster marks one of the first times a major international streaming service has taken on a venture within the blockchain space.
Garrett Hughes’ Praise
Garrett Hughes had only praise for his former company’s new partner stating “Napster is exactly what we were looking for – they’re a partner that could take what we’ve built over the last two years…and continue to realize our goal of creating deep, engaging and innovative ways for artists to connect with fans that also offer them an opportunity to monetize that fandom.”
Conclusion
This acquisition serves as another reminder of how major corporations are beginning to recognize blockchain technology’s potential within their respective industries. With both Nate Pham and Garrett Hughes coming on board, it looks like Napster may be able take full advantage of all that blockchain tech has to offer in order help revolutionize its services going forward.