- Global pop star Justin Bieber will have his hit song converted to NFTs.
- Fans will earn streaming royalties from the NFTs they hold.
- Other behind-the-scenes creators of the song will also benefit.
Blockchain-powered music technology platform AnotherBlock announced the conversion of Justin Bieber’s 2015 chart-topping hit “Company” into royalty-bearing NFTs on September 7.
Company is one of Justin Bieber’s best-performing single hits. It has enjoyed significant success since its release, garnering over 500 million streams and featuring on the U.S. and Australian Top 100 and Top 40 charts, respectively.
2,000 NFT Versions of the Song
AnotherBlock has partnered with the song’s co-producer Andreas Schuller, also known as Axident, and will release 2,000 NFT versions of the song, allowing fans to acquire partial ownership of the song and connect deeper with the underlying artist.
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While Axident will retain the song’s ownership rights, fans holding the NFT will be eligible to earn up to 1% share of Company’s streaming royalties. In addition, original NFT holders will earn royalties every time their collection changes hands.
AnotherBlock Co-Founder and CEO Michel Traore noted that converting a universally beloved song into NFTs is a potent way of ushering the masses into Web3.
Music Industry Evolving Dynamics
Blockchain technology is poised to revolutionize the music industry in many ways. AnotherBlock is a good example, having previously worked with household celebrities, such as Rihanna, Martin Garrix, and The Weeknd, to release music NFTs.
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Besides facilitating unprecedented interactions between artists and their target audiences, NFTs allow die-hard music fans to access partial ownership rights of music, something which, until recently, they couldn’t.
According to Axident, NFTs also give room for all creators of a song project, such as producers, to be discovered and celebrated, just like artists.
Read how airline giant Lufthansa launched NFT loyalty program on Polygon:
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