Owning a Piece of Justin Bieber’s Song: NFTs and Streaming Royalties
If you’ve ever dreamed of owning a small portion of a Justin Bieber song, now you have the chance. Andreas “Axident” Schuller, a writer and producer who has worked with big names like Pitbull and Jason Derulo, is teaming up with AnotherBlock, a blockchain-based music rights platform, to sell NFTs that grant owners a percentage of future streaming royalties from Bieber’s hit song “Company.” These Ethereum-based tokens will be available for purchase at a starting price of 0.017 ETH (about $28).
By buying one of these NFTs, you become a co-owner of the song and receive 0.0005% of the streaming proceeds from platforms like Apple Music, Tidal, and Spotify. The royalty payments are made every six months, with the possibility of future updates. AnotherBlock believes that this new approach of connecting fans with music through blockchain technology is democratic and represents the future of the industry.
The Sale and Importance of “Company” NFTs
The sale of the “Company” NFTs begins on September 7 and accepts both credit card and cryptocurrency payments. “Company” was released in 2015 and has amassed over 500 million streams on Spotify alone. Andreas Schuller, the creator of the NFTs, expressed his excitement about sharing a portion of the song with Bieber’s dedicated fans and believes that owning a song goes beyond its monetary value, forging a profound connection between the fans and the art.
AnotherBlock, the music rights platform, has previously sold streaming royalty rights to other artists’ songs and emphasizes the value of music ownership by connecting it to people who truly love music. While Bieber himself is not directly involved in this sale, he has shown interest in the NFT space by owning a Bored Ape Yacht Club profile picture. Musicians are increasingly exploring Web3 technologies to enhance their earning potential, as seen with other platforms like Royal and Vault.
Hot Take: Empowering Music Stakeholders Through NFTs
The rise of NFTs and blockchain technology in the music industry is transforming the way artists and fans interact. With the opportunity to own a piece of a song and receive streaming royalties, fans are becoming empowered music stakeholders. This shift not only increases the value of music but also provides artists with a clearer understanding of the worth of their rights. As more musicians join this movement, we can expect further innovation and opportunities for fans and artists alike.
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