The Napster brand, which first gained notoriety in the late 90s and early 2000s for its controversial peer-to-peer music-sharing platform, is taking its next step into the world of Web3.
Napster announced plans to move into blockchain last June, and the acquisition of startup Mint Songs will now serve as the foundation for the company’s first Web3 offerings.
Garrett Hughes, the co-founder and CTO of Mint Songs, will join Napster as an advisor to help create a new platform that connects artists with their fans through digital collectibles.
The new offering marks the first deal for Napster Ventures, a recently created entity that focuses on investing in and acquiring the best Web3 music startups.
According to Hughes, the partnership with Napster was a clear choice to bring Web3 music to the mainstream. The new platform aims to enable artists to engage with their fan base, build communities around their music, and provide a true marketplace for their assets where millions of fans are already active.
Napster CEO Jon Vlassopulos hopes that the new platform will revolutionize the world of digital collectibles by bringing the concept to the mainstream and allowing regular fans to get involved.
He believes that the platform will create a scarcity effect similar to the one that drove the popularity of scarce collectible downloads in the past, but this time on-chain.