Justin Bieber Fans Can Earn Royalties by Buying NFTs of His Song “Company”
If you’re a Justin Bieber fan, here’s an exciting opportunity for you. You can now purchase one of the 2,000 non-fungible tokens (NFTs) of his song “Company” and earn 1% of royalties from each stream. Anotherblock, a music tech platform, and co-producer Andreas Schuller, also known as Axident, will create these NFTs.
Axident, who owns the rights to the song, will sell its share of the streaming revenue. However, the real intention behind these NFTs is to establish a profound connection between fans and artists.
Bieber’s Producer Will Release Song NFTs on Thursday
The producers of the song have stated that this initiative not only provides a new revenue stream for producers but also allows fans to discover and connect with talented individuals and their incredible work.
NFT creators have the advantage of earning royalties whenever their work is sold. However, it’s still uncertain if Axident will extend the royalty share to secondary buyers.
The 2,000 “Company” NFTs will be available for purchase on Thursday.
The Changing Landscape of NFTs and Artist Compensation
Since Justin Bieber’s NFT purchase in 2022, NFT sales have significantly declined. According to DappRadar, sales volume has fallen by 81% between January 2022 and July 2023.
The collection that Bieber’s NFT belongs to, Bored Ape Yacht Club, has experienced a sharp decrease in floor prices. Nansen, a blockchain analytics platform, has revealed that the lowest price buyers are willing to pay now is approximately $45,700.
Bieber’s investment in his Bored Ape NFT dropped from $1.3 million to around $59,000. Other celebrities, including Madonna and Steph Curry, have also seen a substantial decline in their NFT holdings.
The Impact of AI on Artist Compensation
NFTs have been utilized by celebrities to enhance fan engagement, offering exclusive benefits such as meet-and-greet opportunities and access to B-side tracks. However, advancements in artificial intelligence (AI) have brought new challenges to the table.
Some artists are now striving to protect their livelihoods from AI bots, as they can replicate their performances without their consent. Record labels are taking action to safeguard artists’ income in response to this concern. On the other hand, independent artists like Grimes have embraced Web3 and AI by making their performances open source.
LimeWire, a former file-sharing platform, has recently rebranded itself as a platform where artists can receive crypto royalties when fans create AI-generated music using their content.
Hot Take:
The world of NFTs continues to evolve, offering unique opportunities for fans and artists to connect. However, the market has experienced significant fluctuations, and AI poses both challenges and possibilities for artist compensation. As the crypto landscape progresses, it’s crucial for artists to stay informed and adapt to these changes to protect their livelihoods.
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