Justin Bieber has turned his 2015 hit song “Company” into an NFT, allowing fans to participate in a royalty-sharing initiative. The song, which peaked at number 53 on the US charts and made it to Australia’s Top 40, has now been streamed over 500 million times.
Anotherblock, a blockchain-powered music platform, is collaborating with the track’s co-producer Andreas Schuller (who goes by the stage name ‘Axident’) to release a limited-edition NFT of the song “Company” on September 7. Only 2,000 copies will be available.
Anotherblock has previously worked with some of the biggest names in the music industry on Web3 ventures, such as The Weeknd, Rihanna, and Martin Garrix. In this latest collaboration, 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 anotherblock highlighted that producers are often not given the credit they deserve in the music industry. This collaboration is an opportunity for producers to earn a new revenue stream and connect with fans. It is important to note that Justin Bieber is not involved in the sale of Axident’s streaming royalty rights.
In the ever-changing landscape of the digital era, the music industry has continuously explored creative paths to extend its influence and create income. With the emergence of Web3, the music sector has identified fresh prospects for direct connections between artists and fans, potentially transforming the entire process of music creation, distribution, and profit generation.
NFTs have emerged as a promising asset in this context, aiming to facilitate a stronger bond between artists and their fans, all while guaranteeing more equitable compensation for creators. As the music industry continues to establish itself in this domain, we can certainly anticipate additional methods for creators and brands to incorporate more music into the blockchain.