Justin Bieber's 2015 hit song "Company" has taken a digital turn, allowing fans to own a piece of it through NFTs and potentially earn royalties in the future.
A Unique Offering by Producer Axident
Writer and producer Andreas “Axident” Schuller, known for his collaborations with artists like Pitbull and Jason Derulo, is set to introduce NFTs that grant owners a share of future streaming royalties from Justin Bieber's popular track, "Company."
This innovative move is made possible through a partnership with blockchain-based music rights platform AnotherBlock, allowing fans to secure a 1% portion of the streaming royalty rights to "Company" via 2,000 Ethereum-based NFTs.
Originally released in 2015 as part of Bieber's Grammy-nominated album "Purpose," "Company" remains an enduring fan favorite, boasting over 500 million streams on Spotify alone. The song's initial release propelled it into the top 40 charts in Australia and reached the 53rd position on the United States charts.
Affordable Ownership Through NFTs
The sale of these ERC-721 tokens, each representing ownership in the song, is commencing on September 7 at a starting price of 0.017 ETH (approximately $28). Potential buyers can use either credit cards or cryptocurrencies to make their purchases via AnotherBlock.
Owners of these NFTs will receive 0.0005% of future streaming revenue generated by platforms like Apple Music, Tidal, and Spotify. Currently, royalty payments will be distributed semi-annually, but AnotherBlock has hinted at forthcoming "major updates" in this domain.
Axident's Sentiments
Schuller expressed his enthusiasm for the project, claiming that the ownership of a song is worth more than its monetary value and will give the fans a profound connection to the piece of art.
He stated
“‘Company’ holds a special place in my heart, and I immediately embraced the concept of sharing a portion of it with Justin's remarkably devoted fans. In this industry, nothing holds greater significance than our fans and the fusion of blockchain and music rights opens the door to an entirely new realm for both rights holders and enthusiasts. This approach is democratic and signifies the future.”
Partnering With AnotherBlock
Michel Traore, the co-founder and CEO of AnotherBlock, emphasized the power of introducing universally beloved songs to the world of Web3.
“‘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.”
The company has a history of selling streaming royalty rights to hit songs such as Rihanna's "...Better Have My Money," MIMS' "This Is Why I’m Hot," and David Guetta and Martin Garrix’s “So Far Away.” Alongside these offerings, the platform also offers a range of NFTs that do not provide a share of streaming royalty payments.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
