Teen heartthrob Justin Bieber’s hit song ‘Company’ is set to create a buzz in the world of NFTs. Fans now have the opportunity to earn a 1% royalty share from the streaming revenues of the song, thanks to a collaboration between anotherblock, a music-centric Web3 platform, and the track’s co-producer, Andreas Schuller (also known as ‘Axident’).
Since its release in March 2016, ‘Company’ has climbed to the 53rd position on the U.S. charts and earned a spot in Australia’s top 40. Today, the song boasts an impressive 500 million streams worldwide.
Adding to the excitement surrounding the pop star, ‘Company’ will be available as a limited edition of 2,000 NFTs, priced at $28 each. This initiative follows in the footsteps of other music industry giants like Rihanna, The Weeknd, Martin Garrix, Alan Walker, and Offset, who have also embraced the power of NFTs through anotherblock.
Despite Axident retaining the music ownership rights to this famous Bieber track, all owners of the upcoming NFT will have the opportunity to increase their fanhood through passive income, receiving payment every time ‘Company’ is played.
This collaboration between anotherblock and Axident marks another milestone in turning music into a revenue-generating asset on the blockchain. Over the years, anotherblock has integrated NFTs with projected earnings through partnerships with platforms like Unchained Music, as well as other royalty-sharing NFT platforms on-chain including Royal and SongBits. As the digital music landscape evolves, new strategies continue to emerge.
Web3 initiatives have provided an exciting outlook for the music industry, facilitating direct interactions between fans and artists and reshaping the distribution, production, and monetization processes of songs. Through NFTs, which come with built-in assurances, a multitude of opportunities arises, strengthening the relationship between fans and artists while ensuring equitable compensation for music creators and enthusiasts through innovative means.
In essence, the harmony of NFTs has the potential to transform songs into financial assets, paving the way for a more fair and interconnected music ecosystem, and anotherblock is at the forefront of this movement.
For those hungry for more NFT news and updates, NFT Plazas offers a range of resources. You can join their Weekly Newsletter, follow them on Twitter, like their Facebook page, and even connect with them on Instagram.
Image Credit: Twitter
*(Please note that all investment/financial opinions expressed by NFT Plazas are based on the personal research and experience of their site moderators and are intended for educational purposes only. Individuals are advised to thoroughly research any product before making any investment decision.)*
