Justin Bieber just turned one of his hit songs into an NFT so that fans can participate in a royalty-share initiative. Upon its initial release, the 2015 track, “Company,” ranked at 53 on the U.S. charts and made it onto Australia’s Top 40. As of today, the track has garnered over 500 million streams.
This new project is a collaboration between anotherblock, a blockchain-powered music platform, and the track’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 is set to release on September 7.
anotherblock has previously collaborated on Web3 ventures 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 offering fans who own the NFT a 1% royalty share of the song’s streaming revenue.
Michel Traore, co-founder and CEO of anotherblock told CoinTelegraph that ‘Company’ exemplifies a song with immense potential” when it comes to leveraging blockchain technology and integrating it with traditional music.
Turning to one of many challenges the music industry continues to face, Traore emphasized that producers aren’t always given the recognition they deserve, and this collaboration opens up a new revenue stream for producers and fans to connect with talent.
It’s worth noting amidst the buzz, that Justin Bieber is not involved in the sale of Axident’s share of streaming royalty rights.
Other Attempts at NFT Royalty Sharing
Over the past few years, we’ve seen other collaborations attempt to do the same at anotherblock.io, including, but not limited to Royal, Sound.xyz, Audius, Solana’s Vault, and more. But have they actually landed?
In the dynamic evolution of the digital age, music has consistently sought innovative avenues to amplify its reach and generate revenue. Within Web3, the music industry glimpsed new opportunities for direct artist-to-fan engagements, potentially revolutionizing the way music is produced, distributed, and monetized.
NFTs, emerged as a promising tool in this space, with the vision of fostering a closer relationship between artists and fans while ensuring fairer compensation for creators. As the music landscape continues to be built within this space we can undoubtedly expect more ways for creators and brands to bring more music onchain.
Editor’s note: This article was written by an nft now staff member in collaboration with OpenAI’s GPT-3.