The longest-running independent music streaming platform Napster may change the Web3 music NFT niche in 2023. The firm’s latest acquisition, Mint Songs, is a leading NFT-based music marketplace. Together, the two strive to link fans with their favorite artist with new experiences – and that is just the start.
This top independent music streaming firm is joining forces with Mint Music for distinct Weeb3 experiences in 2023.
Why Did Napster Acquire The Web3 Marketplace Mint Songs?
Napster is a leading independent music streaming service, which may also lead the way for Web3 music projects in 2023. This year, the firm’s new CEO Jon Vlassopulos’s core goal is to grow Napster’s presence in the Web3 space as well.
The first move in that direction was buying the popular Web3 music-centered marketplace Mint Songs, the team confirmed in a statement. Vlassopoulos stated:
“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.”
Napster has more than 20 years of experience in the domain. From label connections to artists and a powerful community, the team is now ready to bring their valuable input to the growing Web3 universe with Mint Songs.
Based on Napster’s CEO, the Web3 music niche is worth an exploration to grow a powerful community.
What Is Mint Songs?
In general, Mint Songs is an NFT marketplace that primarily focuses on minting, producing, and trading music collectibles. The platform facilitates artists’ creative process and their means of promoting their artworks as nonfungible tokens.
Due to the innovative concept, Mint Songs raised over $4.3 million in a seed funding round. The round was led by Freestyle Capital and Castle Island Ventures, among others. But, their partnership with Napster is undoubtedly taking the journey to an entirely new level.
Mint Songs Co-Founder Garrett Hughes stated:
“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.”
Notably, Hughes will become a major advisor for Napster’s digital journey laying ahead, including new product and tool launches.
Are Web3 Music NFTs Gaining Momentum?
Having an institution as popular as Napster focusing on Web3 music projects mostly says something about the niche. In general, music nonfungible tokens gained lots of popularity in 2022 partially because of some big names IRL joining the Metaverse.
For instance, artists and bands like Nas, Iman Europe, Boy & Bear, and Sonu Nigam released new music videos, tracks, and EPs as NFT collectibles. Furthermore, iconic artists like Snoop Dogg and Eminem took NFTs mainstream with their NFT music videos.
