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Music streaming service Napster has acquired NFT marketplace Mint Songs
The music streaming service Napster has acquired NFT marketplace Mint Songs, the first in a series of planned purchases to strengthen the firms position in the Web3 sector, this is reported by digital assets news site The Block.
The exact terms of the acquisition were not disclosed, but Mint Songs co-founder Garrett Hughes will join Napster as an advisor and Nate Pham, former head of product for Mint Songs, is set to lead the acquiring companys Web3 product initiatives.
Napster's CEO, Jon Vlassopulos, said that the firm aimed to offer collectibles that fans can purchase or receive as rewards for engaging with artists, and had plans to expand Web3 and community features through further partnerships and acquisitions.
Congrats to @napster for completing its first #web3 strategic acquisition of @mintsongs, which paves way for the music superbrand to offer artist collectibles on its platform! Full details from @Forbes below. https://t.co/zlMKyGRy3k
— Hivemind (@HivemindCap) February 15, 2023
Napster, Owned By Algorand and Hivemind
This recent acquisition comes after Algorand, together with the crypto investment firm Hivemind, bought Napster last year to once again revolutionize the music industry by bringing blockchain and Web3 to artists and fans.
Napster launched it own token on Algorand at the time of being acquired, known as $NAPSTER. According to Napsters litepaper, the token will be used as a payment method for purchasing music subscriptions and enabling premium features of the company’s streaming service.
