The Napster brand, known for its controversial peer-to-peer music-sharing platform in the late 90s and early 2000s, is taking its next step into Web3 with the acquisition of startup Mint Songs.
Napster announced its move into blockchain last June with a plan to launch a token using the Algorand blockchain, and today, the Mint Songs acquisition will be the foundation for the company’s first Web3 offerings.
Mint Songs co-founder and CTO Garrett Hughes will join Napster as an advisor to help build a new platform that will offer digital collectibles and connect artists with their fans.
The platform will allow artists to build a community around their music and engage with their fan base. The new offering is set to be the first deal by the newly created Napster Ventures, which focuses on acquiring and investing in the best Web3 music startups.
“As we looked for a partner that could take what we’ve built over the last two years and give artists a true marketplace for their assets where millions of fans are already active, it became abundantly clear that Jon and Napster have the vision to finally take Web3 music to the mainstream,” said Hughes in a statement.
The new Web3 platform aims to bring innovation to the mainstream and allow regular fans to get involved in the world of digital collectibles.
Napster CEO Jon Vlassopulos hopes the new platform will bring back the days of scarce collectible downloads, but this time on-chain.
Napster’s original music-sharing platform sparked congressional hearings on copyright and ownership in the digital age, ultimately leading to the service’s closure by 2001.
However, the Napster brand has since been revived, now with a focus on advancing the music industry through Web3.
