Napster, Once a Music Giant, Plans to Make a Return with NFTs

Lena Smith
Lena Smith Crypto
3 Min Read

In 2000, global usage of the Internet skyrocketed, and the peer-to-peer service Napster was born. Fast forwarding to today, after more than two decades, Napster is ready to make a comeback with its recent purchase of Mint Songs to become one of the most pertinent players in music for years ahead.

Napster Might Make a Big Comeback with Music NFTs

While it may be an exaggeration to say that Napster has completely disappeared, the upsurge of tech giants, including Spotify and Apple Music, has certainly made life difficult for them. Last spring, however, Los Angeles-based company Hivemind Capital and Algorand acquired Napster to revolutionize the music industry yet again – so we can expect some exciting developments from this trailblazing firm in the days ahead!

One year later, our understanding is increasing, and Napster has just revealed their purchase of Mint Songs, a combination of NFTs and music. Musicians can now leverage this platform to make their songs into NFTs or generate unique content for fans on the Ethereum and Polygon networks. Jon Vlassopulos, CEO of Napster, speaks with earnestness when describing prospective outcomes:

“We are currently living in a period of tremendous technological advancement within the digital music industry. In just two or three years, more startups have been founded than during the prior twenty! It is truly awe-inspiring to witness all these proficient teams striving for improved musical experiences for both performers and fans alike.”

napster, once a music giant, plans to make a return with nfts

NFT Music Could Shorten The Distance Between Artists And Fans

At the start of this century, Napster was developed with a singular vision to bridge users without an intermediary. Now, in its latest iteration, as web3 technology advances, it desires to connect artists and their audiences more intimately than before. To foster such growth, former Mint Songs executives Nate Pham and Garrett Hughes have stepped up to lead the charge for keeping both the spirit alive along with what keeps it breathing- music!

The latter was receptive to this idea and optimistic about the future, expressing that Napster will assist them in continuing their goals of developing thorough and creative methods for artists to connect with fans and provide new income sources. Although we do not have complete financial information yet regarding the acquisition, it appears that Napster Ventures – a recently-formed business dedicated to investing in Web3 startups – executed this operation.

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I’m a freelance writer and journalist from Toronto, covering real estate, mortgage and personal finance for publications like Forbes, Money, Business Insider, Fortune, US News & World Report, The Motley Fool, CBS News, Hearst newspapers, The Balance, HousingWire, Money Under 30, Bankrate, Builder Magazine, Multifamily Executive, The Simple Dollar, and more.
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