Justin Bieber enthusiasts can now own a slice of his chart-topping song “Company” as an NFT, and even share in its streaming revenue.
Justin Bieber’s Hit “Company” Transforms into a Royalty-Earning NFT Owners of the 2,000 limited NFTs will share in 1% of the song’s streaming royalties A Revolutionary and Democratic Shift in Music Industry and Art Rights
Fans of Justin Bieber have a new reason to celebrate: they can now own a piece of one of the singer’s most popular songs, all thanks to blockchain technology.
The pop sensation’s track “Company” is being tokenized into a non-fungible token (NFT), allowing fans to invest and earn a share of the song’s royalties. The driving force behind this innovative venture is the song’s writer and producer, Andreas Schuller, commonly known as ‘Axident,’ in partnership with blockchain-based music startup, Anotherblock.
Axident, who has previously collaborated with stars like Pitbull and Jason Derulo, teamed up with Anotherblock to mint Justin Bieber’s “Company” as an NFT on the Ethereum network.
This groundbreaking initiative will grant NFT holders a 1% share of the song’s streaming royalties, although Axident will retain the song’s primary rights. A limited edition of 2,000 NFTs is available for fans and investors alike.
Fans Rush to Secure NFT Royalties The collection sold out within hours of its mid-week launch. In less than two hours, all NFT pieces, equivalent to $56,000 in royalty rights, were snapped up, as announced by the platform. However, interested parties can still acquire these tokens on secondary markets.
Each ERC-721 formatted token was priced at 0.017 ETH, roughly $28, entitling each owner to 0.0005% of future streaming revenue from digital service providers like Apple Music, Tidal, and Spotify. Royalty payouts are expected to be made semi-annually, though this could change, the company stated.
“In this industry, nothing is more valuable than our fans, and the merger of blockchain with music rights opens up an entirely new realm for both rights holders and enthusiasts. This approach is democratic and forward-looking,” Axident said in a statement.
Owning a song goes beyond its monetary value; it establishes a deep connection with the art, a connection previously unattainable for fans. Since its debut in 2015, “Company” has ranked 53rd on the U.S. charts and made it to the top 40 in Australia. To date, the track has garnered over 500 million streams.
While Bieber is not directly involved in the “Company” NFT initiative, he is no stranger to the world of tokenized digital art. The pop icon is known to own NFTs from renowned collections like Bored Ape Yacht Club.
Anotherblock has previously partnered on Web3 projects with some of the biggest names in the music industry, including The Weeknd, Rihanna, and Martin Garrix.