Startup Mint Songs Bought by Napster

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apster, the well-known streaming service that started off as a peer-to-peer audio file sharing platform in the early 2000s, is now acquiring music startup Mint Songs. With this acquisition, Napster will be able to extend its reach into web3 technology and offer cutting edge services to its customers.

Last year, Hivemind and Algorand acquired the company with a plan to take advantage of their experience in creating blockchain-enabled collectibles that help artists gain visibility. This is how they are making strides toward web3 success.

Napster announced Wednesday that its first acquisition in a planned series of acquisitions will empower the swift launch of their web3 feature. The statement was made public via press release.

Jon Vlassopulos, the CEO of Napster, declared that “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".

In September last year, Mint Songs took to Twitter to announce that it would be winding down operations and discontinuing the production of new NFTs on its Polygon-based platform, Mint Songs Factory as well as Ethereum's Mint Songs V2. This technology was developed by them in order to enable artists to mint songs and give their fan base access exclusive non-fungible token items.

This company has collaborated with renowned musical talents such as Gramatik, Mark de Clive-Lowe and Black Dave. In the past, it successfully raised $4.3 million from Freestyle Capital and Castle Island Ventures - investors who are passionate about enabling big dreams to come true.

The exact amount of the acquisition from Napster was not disclosed.

Mike

An editor at Coincrop

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Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.