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Justin Bieber fans can buy one of 2,000 non-fungible token (NFT) versions of his song “Company” to earn 1% of royalties from each stream. Music Tech Platform Anotherblock and co-producer Andreas Schuller will create the NFTs.
Schuller, also known as Axident, will sell its share of the streaming revenue since it owns the song’s rights. However, it is adamant the NFT connects fans and artists in a profound way.
Bieber’s Producer Will Drop Song NFTs on Thursday
According to the producers:
“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.”
NFT creators can earn royalties every time their work changes hands. It is unclear if the Axident will extend the royalty share to secondary buyers.
The 2,000 “Company” NFTs will drop on Thursday.
Need a brush-up on the exciting world of NFTs? Read our explainer here.
NFT sales have tanked considerably since Bieber bought his first in 2022. According to DappRadar, sales volume has fallen 81% between January 2022 and July 2023.
Bored Ape Yacht Club, the collection to which Bieber’s NFT belongs, has seen its floor prices tank to almost record laws. According to blockchain analytics platform Nansen, the lowest price people are willing to pay is now 28 ETH (about $45,700).
Bieber bought his Bored Ape for $1.3 million in January 2022 but saw his investment decline to about $59,000 in July. Other celebrities suffering a massive decline in their holdings include music icon Madonna and basketball star Steph Curry.
How AI Has Changed Artist Compensation
Celebrities have used NFTs to promote fan engagement, with some embedding exclusive benefits like meet-and-greet opportunities and access to B-side tracks. Music producer Timbaland once saw Web3 as an opportunity for artists to wrest control from big labels.
Recent advances in artificial intelligence (AI) have changed that narrative slightly. Instead of becoming independent, some artists are scrambling to protect their livelihoods from AI bots.
Missed the recent surge in AI-generated art? Catch up on the latest developments here.
Several have protested against using their performances in AI music, prompting record labels to take action to protect livelihoods. Others, like independent artist Grimes, have embraced Web3 and AI by open-sourcing their performances.
Former file-sharing platform LimeWire recently rebranded as a new platform for artists to receive crypto royalties when fans create AI music with their content.
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