A recent report confirms that Justin Bieber, a Canadian artist with worldwide popularity, is going to have one of his most popular songs which has received more than 500 million streams till date be transformed into a nonfungible token (NFT), that followers may purchase for a share of the royalties.
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Justin Bieber’s Song Company Turns into NFT
According to the article, on September 7, the blockchain-focused music technology company Anotherblock and the Justin Beiber song’s co-producer Andreas Schuller, commonly referred to as Axident, would release the song “Company” as an NFT with 2,000 copies available.
1% Royalty
Fans who possess an NFT of the song from Justin Bieber are going to be allowed to split a 1% royalty on the song’s streams, with Axident continuing to maintain the rights holder.
Axident noted: “The ownership of a song bears far greater weight than its monetary value; it forges a profound connection to the art that, until now, has been beyond the reach of fans.”
Anotherblock’s Web3 Endeavors
Notably, Anotherblock has prior collaborations on Web3 endeavors with a number of the most prominent people in the entertainment industry, including The Weeknd, Rihanna, and Martin Garrix.
Michel Traore, co-founder and CEO of anotherblock, emphasised that Axident is offering up its royalty share. He said offering universally recognised songs is an effective technique of “acquainting” the people with Web3.
Justin Bieber’s Song has Immense Potential
He states: ““Company” serves as a prime example of a song with immense potential in this regard. Through the Web3 tools, we can offer music enthusiasts something that, until recently, hasn’t been accessible to the general public.”
The worlds of cryptocurrency and music are not what you would call very close, but they are also not that far apart. Snoop Dog, an American musician, was already identified as the pseudonymous non-fungible token (NFT) figure behind “Cozomo de’ Medici.” As reported by TheCoinRise in 2021, the rapper started his $17 million NFT collection.
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