Blockchain-centric music platform anotherblock partnered with producer Andreas Schuller, also known as Axident. The collaboration has transformed Canadian singer Justin Bieber’s 2015 hit “Company” into an NFT.
The platform unveiled the NFT on September 7th. The reveal featured a limited offering of 2,000 NFTs priced at 0.017 ETH each. Each of them represents a 0.0005% ownership stake in the music streaming rights of the track.
While Axident will retain the rights, fans with an NFT of the track can participate in a 1% royalty share from the song’s streams.
The fourth studio album of Justin Bieber, “Purpose”, released in 2015, features the song “Company”. The music video on YouTube has garnered a remarkable 677 million views to date.
When initially released as a single, the song achieved a spot in Australia’s top 40. It also secured the 53rd position on the United States charts. As of now, the track has accumulated over 500 million streams.
Michel Traore, anotherblock’s CEO, emphasized that delivering universally adored songs represents a potent method for creating awareness for Web3.
Also, he said Axident is divesting the royalty share; he stated that producers frequently do not garner the recognition they rightfully merit. The executive added that one crucial objective for anotherblock involves illuminating the song creators.
According to him, this move generates a fresh revenue channel for producers. Additionally, it allows fans to unearth and establish connections with these gifted individuals and their remarkable creations.
anotherblock’s Impressive History With Phenomenal Artists
Justin Bieber has transformed one of his songs into a collectible for the very first time. Nevertheless, the global superstar is not the first artist to grace anotherblock.
The platform has previously partnered with prominent music industry personalities for Web3 initiatives. That lineup includes Rihanna, The Weeknd, Martin Garrix, Alan Walker, and Offset.
Nonetheless, this announcement about Company marks the inaugural occasion when NFT owners can profit from a track’s streaming royalties on the platform.
anotherblock is a music NFT platform that allows you to invest in music and earn royalties alongside your favourite artists.
It does this by tokenizing music rights, dividing them into small pieces that can be bought and sold on the blockchain. This feature allows anyone to own a part of a song, regardless of their financial means.