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Global pop icon Justin Bieber will have one of his hit songs turned into a nonfungible token (NFT), which fans can invest in for a share of the royalties.
On Sept. 7, the blockchain-centric music tech platform anotherblock and the co-producer of the track Andreas Schuller, also known as Axident, will drop the track “Company” as an NFT, with only 2,000 available.
While Axident will remain the rights holder, fans owning an NFT of the track will then be able to participate in a 1% royalty share in the streams of the song. Axident spoke to the significance of fans in the music industry and how blockchain and music rights open up an entirely new world of interactions.
“The ownership of a song bears far greater weight than its monetary value; it forges a profound connection to the art that, until now, has been beyond the reach of fans.”
The song’s initial release as a single made it into Australia’s top 40 and landed at 53 on the United States charts. To date, the track has amassed over 500 million streams.
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Cointelegraph spoke with Michel Traore, the co-founder and CEO of anotherblock, who said that delivering universally beloved songs is a powerful way of “acquainting” the masses to 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.”
Traore highlighted that the royalty share is being divested by Axident. “Producers often do not receive the recognition they truly deserve,” he said “and one significant aspect for us is to shine a light on the creators behind the songs.”
“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.”
Anotherblock has already worked on Web3 ventures with some of the most prominent names in the music industry, including The Weeknd, Rihanna and Martin Garrix.
Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift
Source: COIN TELEGRAPH