All NFT holders will split a 1% share of the song's streaming royalties.
Music superstar Justin Bieber is partnering with blockchain-based music technology platform anotherblock and track co-producer Andreas Schuller, known as Axident, to convert his hit song "Company" into a limited edition non-fungible token (NFT).
Scheduled for a September 7th release, a total of 2,000 NFTs for the song "Company" will be made available.
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While Axident retains the primary rights to the song, NFT holders will share 1% of the song's streaming royalties.
Axident emphasized the importance of this initiative in deepening fan-artist interaction, stating:
The concept of owning a song has more to offer than just its financial aspects; it opens up a deeper, previously unattainable emotional connection to the art.
Michel Traore, the co-founder and CEO of anotherblock, talked about how NFTs offer a groundbreaking avenue for popularizing Web3 technology.
“Company” serves as a prime example of a song with immense potential in this regard. Through the Web3 tools, we can offer music enthusiasts something that, until recently, hasn’t been accessible to the general public.
He further highlighted the unprecedented opportunity this venture provides in giving producers like Axident the spotlight they deserve:
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.
It is worth noting that "due to an uncertain regulatory environment, US minters will be geo-blocked for this drop."
The song "Company" originally debuted to considerable success, breaking into the top 40 in Australia and peaking at number 53 on the US charts. It has since garnered over half a billion streams.
anotherblock is no stranger to blockchain-based collaborations in the music industry, having previously partnered with big-name artists like The Weeknd, Rihanna, and Martin Garrix.
The collaborative NFT release of Justin Bieber's hit "Company" marks a pioneering step in redefining fan engagement and revenue-sharing in the music industry. As anotherblock and other players continue to explore the boundaries of Web3, it is clear that the symbiosis of music and blockchain is starting to take shape.
