Renowned global pop sensation Justin Bieber is set to convert one of his chart-topping songs into a nonfungible token (NFT), allowing fans to invest and participate in its royalty earnings.
On September 7th, the blockchain-oriented music technology platform, anotherblock, in collaboration with track co-producer Andreas Schuller, known as Axident, will release the NFT version of “Company.” Only 2,000 copies of this unique NFT will be available.
While Axident will maintain ownership rights, NFT holders will gain access to a 1% royalty share in the song’s streaming revenue. Axident emphasized the significance of fans in the music industry and how blockchain technology and music rights are revolutionizing fan interactions.
“The ownership of a song bears far greater weight than its monetary value; it forges a profound connection to the art that, until now, has been beyond the reach of fans,” noted Axident.
When initially released as a single, “Company” reached the top 40 in Australia and secured the 53rd spot on the United States charts. To date, the song has amassed over 500 million streams.
Cointelegraph interviewed Michel Traore, co-founder and CEO of anotherblock, who expressed how delivering universally beloved songs is a powerful method for introducing the masses to Web3.
“‘Company’ serves as a prime example of a song with immense potential in this regard. Through Web3 tools, we can offer music enthusiasts something that, until recently, hasn’t been accessible to the general public,” Traore explained.
He further highlighted that the royalty share is an initiative by Axident to shed light on the often underappreciated creators behind hit songs.
“Producers often do not receive the recognition they truly deserve,” Traore stated. “One significant aspect for us is to shine a light on the creators behind the songs. This not only creates a new revenue stream for producers but also provides fans with the opportunity to discover and connect with these talented individuals and their incredible work.”
