cryptonews.com
Andreas Schuller, known by his producer name Axident, has just started the sale of non-fungible tokens (NFTs) that give their owners a percentage of future streaming royalties to Justin Bieber’s song 'Company'.
To transform Bieber's fans "from passive listeners to empowered music stakeholders," the Norwegian music producer has partnered with blockchain-based music rights platform AnotherBlock.
Axident plans to sell a 1% portion of the streaming royalty rights to Bieber's famous song via 2,000 ERC-721 tokens.
In the first 2 minutes, 353 NFTs have already been minted.
According to the website, for a price of ETH 0.017, "every token represents a 0.0005% ownership of the music streaming rights."
This includes streaming proceeds from major digital service providers like Apple Music and Spotify.
Royalties are usually due every six months, but AnotherBlock told users to "stay tuned for some major updates here."
Per the FAQ, "the collector will receive royalties as long as the copyright protection for the song remains in effect within the jurisdiction of the country," which in the EU is until the seventieth year after the recording was first made public.
The ownership percentage for each song is stored on Ethereum, while all assets are uploaded to IFPS storage and connected to each NFT, AnotherBlock said.
The tokens can be purchased with crypto or a credit card through paper.xyz.
The website also noted that US citizens cannot access minting and royalty claims due to regulatory uncertainty in that country.
Bieber is not new to the NFT space. The celebrity joined Bored Ape Yacht Club (BAYC) by (in)famously purchasing Ape #3001 for ETH 500 in January 2022, worth $1.3 million at the time. Its value dropped by $1.2 million by July 2023.
However, the artist is not involved in the sale of Axident’s share of the 'Company' streaming royalty rights.
AnotherBlock, meanwhile, previously sold streaming royalty rights to other artists' songs, including the megapopular Rhianna's 'Bitch Better Have My Money' in February this year. 300 NFTs were minted and sold.
'Company', released in 2015 for Bieber's fourth studio album 'Purpose', now has 677 million views on YouTube, with 5.3 million likes. It is the 11th most popular video on the artist's channel.
Axident is a Grammy-nominated producer, songwriter, and publisher who worked with big names in the music industry, including Pitbull and Jason Derulo.
"AXIDENT's signature sound has proven to transcend borders around the globe and his catalog has been certified gold & platinum over 60 times, reaching nearly half of the world's population on youtube alone," AnotherBlock said.
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