- Justin Bieber, anotherblock, and music producer Axident are launching an NFT for the hit song “Company,” set to release today.
- A total of 2,000 NFTs will be minted, giving holders a collective 1% of the royalties.
- Besides focusing on revenue-sharing, the initiative aims to popularize Web3 tools.
In a move that significantly blurs the lines between music ownership and fan engagement, Justin Bieber has teamed up with blockchain-based music technology platform anotherblock and track co-producer Andreas Schuller, known as Axident. Scheduled for today, September 7th, they are launching a limited edition non-fungible token (NFT) for the hit song “Company.”
Anotherblock isn’t new to such high-stakes partnerships, having previously collaborated with music giants like The Weeknd, Rihanna, and Martin Garrix. However, this initiative takes a pioneering step by offering fans a slice of the song’s streaming royalties.
we are incredibly proud to work together with the best artists and producers in the world
AXIDENT invites you to become a co-owner of the world renown JUSTIN BIEBER song “COMPANY”◾️
beliebers out there deserve to transform from passive listeners to empowered music stakeholders pic.twitter.com/bbSjLIezoc
— anotherblock (@anotherblock_io) September 6, 2023
A total of 2,000 NFTs will be minted, and these token holders will collectively share 1% of the song’s streaming royalties. Axident, who retains the primary rights to the song, emphasized that this strategy not only enhances financial gain but deepens the emotional bond between the artist and the audience.
Moreover, Michel Traore, co-founder and CEO of anotherblock, stated that Web3 technology plays a vital role in this project. He explained that “Company” could serve as a leading example of how NFTs could make previously inaccessible experiences available to the general public. Consequently, this venture could open up new avenues for producers like Axident, giving them the spotlight they deserve and creating a fresh revenue stream.
Besides revenue-sharing, the initiative aims to popularize Web3 tools among music enthusiasts, contributing to the growing symbiosis between music and blockchain technology. Anotherblock’s experience in the field makes it an ideal partner for such an ambitious project, as it continues to explore and redefine the boundaries of Web3.
Additionally, it’s worth noting that U.S. minters will be geo-blocked due to an uncertain regulatory environment, highlighting the challenges that lie ahead for global adoption of NFTs in the music industry.
Significantly, “Company” originally broke into the Australian top 40 and peaked at number 53 on the U.S. charts, accumulating over half a billion streams since its debut. Hence, choosing such a high-profile song amplifies the venture’s potential impact, offering insights into how NFTs could reshape not just music ownership but also how fans interact with and financially support their favorite artists.