NFTs Reshaping Music Industry Connections
Global pop icon Justin Bieber is at the forefront of revolutionizing fan-artist connections. In a new venture, Bieber’s 2015 chartbuster, “Company,” will now metamorphose into an NFT, offering fans a lucrative opportunity to earn from its streaming royalties.
Anotherblock and Axident Collaborate
Set to drop on September 7, blockchain-driven music tech platform anotherblock and co-producer Andreas Schuller (popularly known as Axident) are making only 2,000 of these NFTs available.
While the rights to the song will stay with Axident, NFT holders will receive a share of 1% of the song’s streaming royalties. Axident, emphasizing the role of fans in music, mentioned, “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.”
The Impact of “Company” on Charts
Initially, “Company” marked its presence in Australia’s top 40 and was 53rd on the US charts. Impressively, the track’s streaming count stands at a whopping 500 million to date.
Anotherblock: Pioneering Web3 in Music
Anotherblock’s CEO, Michel Traore, believes in harnessing the power of popular tracks to introduce Web3 to the masses. Using “Company” as an exemplar, Traore said, “Through the Web3 tools, we can offer music enthusiasts something that, until recently, hasn’t been accessible to the general public.”
Highlighting the role of producers, Traore stressed that the initiative shines light on the unsung heroes behind the tracks. He added, “This not only creates a new revenue stream for producers but also provides fans with the opportunity to discover and connect with these talented individuals and their incredible work.”
Anotherblock’s Star-studded Ventures
The venture with Bieber isn’t anotherblock’s first foray into blending Web3 with music. The platform has previously partnered with some of the music industry’s stalwarts like The Weeknd, Rihanna, and Martin Garrix.
