Global pop sensation Justin Bieber is taking a groundbreaking step by converting one of his 2015 chart-toppers, “Company,” into an NFT, giving fans the opportunity to invest and earn a share of the track’s royalties.
On September 7, the blockchain-oriented music technology platform known as anotherblock, in collaboration with the co-producer of the song, Andreas Schuller, also known as Axident, will release the song “Company” as an NFT, with a limited supply of just 2,000 tokens.
Although Axident will retain the rights to the song, fans who own an NFT of the track will be entitled to a 1% royalty share from the song’s streaming revenue. Axident emphasized the importance of fans in the music industry and how blockchain and music rights are ushering in a whole new realm of fan interactions.
“Company” initially made waves as a single, entering Australia’s top 40 and securing the 53rd spot on the United States charts. Over time, the track has accumulated an impressive 500 million streams.
Michel Traore, co-founder and CEO of anotherblock, offered his perspective to Cointelegraph, emphasizing that showcasing widely cherished songs represents a powerful method for acquainting the broader public with Web3. He expressed that ‘Company’ stands out as a prime illustration of a song brimming with potential in this context. By harnessing Web3 technologies, we have the ability to provide music enthusiasts with something that, until recently, remained beyond the reach of the general populace.
Traore highlighted that the royalty share is a move by Axident to recognize and support the creators behind the music, as producers often do not receive the recognition they deserve.
anotherblock has already embarked on Web3 ventures with some of the biggest names in the music industry, including The Weeknd, Rihanna, and Martin Garrix. This initiative marks a significant step in the fusion of music, blockchain, and fan engagement, potentially reshaping the future of the music business.