Justin Bieber's Hit Song "Company" Transforms Into a Royalty-Sharing NFT
Justin Bieber's hit song "Company” will become a limited release of 2,000 non-fungible tokens (NFTs) that offer a 1% share of the song's streaming revenue.
Justin Bieber's hit song "Company" has been turned into a non-fungible token (NFT) that allows fans to invest in the song's royalties. This initiative, a collaboration between blockchain-centric music tech platform anotherblock and the song's co-producer Andreas Schuller (also known as Axident), aims to deepen the connection between artists and their fan base.
On September 7, anotherblock and Axident will release the song "Company" as an NFT, with a limited release of 2,000 tokens. What sets this NFT apart is the unique feature that allows the token holders to share in the song's streaming royalties. Specifically, fans who own this NFT will be entitled to a 1% share of the song's streaming revenue. While the rights to the song remain with Axident, this approach provides fans with a financial stake in a song they love.
The co-producer of the song, Axident, emphasized how this NFT initiative changes the fan-artist relationship. According to him, the ownership of a song has a value that transcends its monetary worth, offering a deeper, more meaningful connection with the art. This is particularly significant for a piece like "Company," which has not only charted in Australia's top 40 and the United States but has also amassed over 500 million streams to date.
Michel Traore, the co-founder and CEO of anotherblock, shared his perspective on this innovative venture. He believes that transforming universally beloved songs into NFTs can serve as a powerful introduction to Web3 technologies for the general public. Traore also highlighted that the royalty share is being divested by Axident, which serves a dual purpose.
This initiative not only opens up an additional income channel for music producers but also offers fans a chance to engage with and appreciate the creative minds behind the music they love. Anotherblock is no stranger to such innovative ventures, having previously collaborated with big names in the music industry like The Weeknd, Rihanna, and Martin Garrix.