Pop superstar Justin Bieber’s 2015 hit song “Company” has been converted into a non-fungible token (NFT) by blockchain-centric music tech platform AnotherBlock. This innovative venture allows fans to earn royalties from future streams of the track.
The NFT will be launched on September 7 by AnotherBlock and Andreas Schuller, also known as Axident, who co-produced “Company”.
A limited number of 2,000 NFTs will be available for this track. While Axident retains the rights to the song, NFT owners will gain the opportunity to participate in a 1% royalty share from the song’s streams.
The concept of fan participation in music royalties through NFTs signifies a revolutionary development in the music industry. It not only provides fans with a unique form of engagement but also opens up a new revenue stream for artists and producers.
Upon its initial release, “Company” charted in Australia’s top 40 and ranked 53rd on the United States charts. Since then, it has garnered over 670 million streams worldwide.
Michel Traore, the co-founder and CEO of AnotherBlock, stated that turning universally beloved songs into NFTs is an effective way to introduce the masses to Web3. He emphasized that this initiative also aims to highlight the significant contributions of producers who often go unnoticed.
AnotherBlock has collaborated with several big names in the music industry on Web3 projects, including Rihanna, The Weeknd, and Martin Garrix.
One of the recent releases on AnotherBlock is Deputy’s ‘Bitch Better Have My Money’ NFT, released ahead of the Super Bowl.
The conversion of “Company” into an NFT, however, marks a first in allowing fans to share in the royalties of a song’s streams of Justin.
While the platform AnotherBlock is primarily focused on music, it has broader implications for the entertainment industry. By allowing fans to own a share of their favorite songs, movies, or shows, it could potentially redefine the relationship between creators and their audience.