Blockchain-powered Music Technology Platform Converts Justin Bieber’s Hit Song “Company” Into NFTs
In an exciting announcement, AnotherBlock, a blockchain-powered music technology platform, revealed that they have converted Justin Bieber’s popular hit song “Company” into royalty-bearing NFTs. “Company” has been a massive success since its release in 2015, with over 500 million streams and chart appearances in the U.S. and Australia.
2,000 NFT Versions of the Song for Fans
Teaming up with the song’s co-producer Andreas Schuller, also known as Axident, AnotherBlock will release 2,000 NFT versions of “Company.” These NFTs will allow fans to acquire partial ownership of the song and establish a deeper connection with the artist behind it.
While Axident will retain the ownership rights to the song, NFT holders will be eligible to earn up to a 1% share of the streaming royalties generated by “Company.” Additionally, original NFT holders will continue to earn royalties whenever their NFTs are bought or sold.
Michel Traore, Co-Founder and CEO of AnotherBlock, believes that transforming a beloved song into an NFT is a powerful way to introduce the masses to Web3.
Evolution of the Music Industry with Blockchain Technology
Blockchain technology is poised to revolutionize the music industry in various ways. AnotherBlock has already collaborated with renowned celebrities like Rihanna, Martin Garrix, and The Weeknd to release music NFTs.
Aside from enabling unprecedented interactions between artists and their fanbase, NFTs now provide die-hard music enthusiasts with the opportunity to obtain partial ownership rights to their favorite songs, which was not possible until recently.
Axident believes that NFTs also offer recognition and celebration for all creators involved in a song project, including producers, similar to how artists are acknowledged.
Hot Take:
The introduction of NFTs into the music industry has opened up new possibilities for both artists and fans. By allowing fans to own a piece of their favorite songs, NFTs create a more intimate and engaging experience. Furthermore, this technology gives recognition to all contributors to a song’s creation, fostering a more inclusive and collaborative music industry. As blockchain continues to evolve, we can expect even more innovative applications in the world of music.
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