In a move that further blurs the lines between the music industry and blockchain technology, Justin Bieber’s 2015 chart-topping song “Company” is set to be tokenized as an NFT. The blockchain-based music platform AnotherBlock is partnering with Andreas “Axident” Schuller, the co-producer of the song, to release 2,000 NFTs. These tokens are not just digital collectibles but also revenue-generating assets that will allow fans to earn a portion of the song’s streaming royalties.
A New Model for Revenue Sharing
Scheduled for release today, September 7, these NFTs offer a unique proposition: the more tokens a fan holds, the larger the share of future streaming royalties they will earn. This applies to streams from various platforms, including Spotify, Apple Music, and Tidal. This initiative not only provides a new way for fans to engage with their favorite artists but also introduces a novel revenue stream for the music industry.
Michel Traore, the CEO and co-founder of AnotherBlock, stated that NFTs serve as an effective medium for familiarizing the general public with Web3 technologies. By tokenizing a song like “Company,” which has a broad and diverse fan base, AnotherBlock aims to make the complex world of blockchain more accessible to everyday music listeners.
One of the unique aspects of this NFT release is its focus on giving producers like Axident the recognition they often miss out on. Traditionally, producers have been the unsung heroes behind many hit songs, receiving little to no public acknowledgement for their contributions. This initiative aims to change that narrative by directly linking the producer’s work to a revenue-generating asset.
AnotherBlock’s Growing Portfolio
This is not the first time AnotherBlock has ventured into such collaborations. The platform has a history of partnering with high-profile artists, having previously worked with Martin Garrix, The Weeknd, and Rihanna. These collaborations have not only added credibility to AnotherBlock’s operations but have also paved the way for more artists and producers to explore the potential of NFTs as a viable revenue stream.
In summary, the tokenization of “Company” serves as another example of how NFTs are gradually becoming integrated into various sectors, including the music industry. By offering fans a stake in future streaming royalties and giving due recognition to producers, this initiative could serve as a blueprint for future collaborations between the worlds of music and blockchain technology.