Digital music service Napster has been acquired for the second time in under two years by two Web3 companies, Hivemind and Algorand.
Napster Group announced the news recently and has also given more information about an investor consortium that includes the likes of ATC Management, BH Digital, G20 Ventures and others.
Previously, in 2020, Napster was bought by MelodyVR with the vision of combining Napster's reputation of being a pioneering digital music service with the technologies of VR - however, nothing came of that plan.
Hivemind founder Matt Zhang said on LinkedIn: “Dear friends, we are excited to share that we’ve taken Napster Group private and to bring the iconic music brand to Web3.
“At Hivemind, we believe in developing thesis and building enduring value. Music x Web3 is one of the most exciting spaces we’ve come across, and we are thrilled to work with Emmy Lovell and many talents to unlock value for the entire ecosystem and revolutionize [sic] how artists and fans enjoy music. Stay tuned for more updates."
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Aneesa Ahmed is Mixmag's Digital Intern, follow her on Twitter