Napster has announced the acquisition of Mint Songs, an NFT marketplace that helps musicians build Web3 communities. The purchase, which is the first deal made by Napster Ventures, will be the foundation for the company’s Web3 strategy.
Napster Ventures was created when Jon Vlassopulos, former Vice President and Head of Music at Roblox, was appointed CEO of Napster. It aims to acquire, foster, and invest in the best Web3 music start-ups.
Mint Songs raised $4.3 million from investors, including Castle Island Ventures and Freestyle Capital, and has previously worked with Web3 artists such as Gramatik and Mark de Clive-Lowe to offer exclusive NFT items.
Mint Songs also helps artists mint NFTs and provides exclusive art for their fans to own and trade, in addition to assisting them in building Web3 communities.
Napster announced on Wednesday that it has purchased Mint Songs, an NFT music platform, through its venture arm, Napster Ventures, with the aim of incorporating Web3 technology into its platform.
The platform allows artists to turn their music into NFTs and create exclusive art for their fans.
Garrett Hughes, Mint Songs’ former co-founder and CTO, will serve as an adviser. Hughes praised Napster as the “partner that could take what we’ve built over the last two years” and continue to develop Mint Song’s goal of creating “deep, engaging and innovative ways for artists to connect with fans that also offer them an opportunity to monetize that fandom.”
The addition of collectibles and other Web3-based features will allow artists to engage with their fans in more engaging ways while providing new revenue streams.
Music Industry ripe for NFT disruption
Music organisations of all shapes and sizes have been exploring the Web3 music opportunities, including large music corporations, such as Warner Music Group,
From using NFT’s as tickets, providing access to festivals to minting newly released music as NFT’s and understanding of music royalties in the world of Web3, the current state of the music industry is being questioned as more musicians and artists make their way into Web3.
With an understanding of NFT technology comes the knowledge that there are new ways for artists to monetize their work and showcase their songs to new audiences.
Musicians, DJs and artists today are realising the power of their creations and taking ownership over their artforms. Speaking with Hipworth, an NFT collector and DJ, it was clear to see that he understood the value of creating his own community in Web3 and offering unique metaversal experiences as part of his musical journey.
From minting songs to live music festivals in the metaverse, the world of music is opening up and artists are experimenting with new methods of fan engagement.
