Justin Bieber just turned one of his hit songs into an NFT so fans can participate in a royalty share initiative. Upon its initial release, the 2015 song, ‘Company’, charted at number 53 on the US charts and reached the Australian Top 40. As of today, the song has amassed over 500 million streams.
This new project is a collaboration between anotherblock, a blockchain-powered music platform, and the song’s co-producer, Andreas Schuller (who goes by the stage name ‘Axident’). With only 2,000 copies available to fans and investors, the “Company” NFT will be released on September 7.
anotherblock has previously collaborated on Web3 projects with some of the biggest names in the music industry, including The Weeknd, Rihanna, and Martin Garrix.
As part of the arrangement, Axident will retain the rights to the song, while fans who own the NFT will receive a 1% royalty share of the song’s streaming revenue.
Michel Traore, co-founder and CEO of another block told Cointelegraph that ‘Company’ is an example of a song with huge potential” when it comes to leveraging blockchain technology and integrating it with traditional music.
On one of the many challenges the music industry continues to face, Traore stressed that producers don’t always get the recognition they deserve, and that this partnership opens up a new revenue stream for producers and fans to connect with talent.
It’s worth noting that Justin Bieber is not involved in the sale of Axident’s share of the streaming royalty rights.
Other Attempts at Sharing NFT Royalties
In recent years, we’ve seen other collaborations attempt to do the same anotherblock.io, including but not limited to Royal, Sound.xyz, Audius, Solana’s Vault and more. But did they actually land?
In the dynamic evolution of the digital age, music has consistently sought innovative ways to extend its reach and generate revenue. Within Web3, the music industry saw new opportunities for direct interaction between artists and fans, which could revolutionize the way music is produced, distributed and monetized.
NFTs have proven to be a promising tool in this field, with the vision of fostering a closer relationship between artists and fans while ensuring fairer remuneration for creators. As the music landscape continues to build within this space, we can no doubt expect more ways for creators and brands to bring more music on-chain.
Editor’s note: This article was written by a staff member of nft now in collaboration with OpenAI’s GPT-3.