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In a move that is believed to have minimized the gap between blockchain technology and the music industry even further, Justin Bieber’s 2015 chart-topping song “Company” will be tokenized as a non-fungible token (NFT). Notably, the blockchain-based music platform AnotherBlock is joining hands with Andreas “Axident” Schuller, who is the co-producer of this song, to unleash 2,000 NFTs.
These tokens are designed as digital collectibles and revenue-sharing assets that will enable fans to earn some of the song’s streaming royalties.
A New Approach To Revenue Sharing
Launched on September 7, 2023, these NFTs present a distinctive opportunity: the greater the number of tokens a fan possesses, the larger their portion of forthcoming streaming royalties. This applies to earnings from diverse platforms, encompassing Spotify, Apple Music, and Tidal. This venture not only offers a fresh avenue for fans to connect with their beloved artists but also introduces an innovative revenue source for the music industry.
The CEO and co-founder of AnotherBlock, Michel Traore, said that NFTs work as an effective medium for familiarizing the public with Web3 technologies. Thus, by tokenizing a song such as ‘Company,’ which already has a massive fan base, AnotherBlock strives to make the sophisticated blockchain world highly accessible to normal music listeners.
A distinctive facet of this NFT launch is its dedication to granting recognition to producers, such as Axident, who frequently go unnoticed. Historically, producers have remained the uncelebrated architects behind numerous chart-topping tracks, receiving minimal to no public acclaim for their vital roles. This undertaking strives to alter that narrative by directly connecting the producer’s efforts to a revenue-generating asset.
AnotherBlock’s Growing Portfolio
It is not the first time AnotherBlock has entered such partnerships. The platform has a long history of partnering with top artists after it previously worked with The Weeknd, Martin Garrix, and Rihanna. These partnerships have added credibility to AnotherBlock’s operations and have paved the way for many other artists and producers to explore the potential of NFTs as a sustainable source of revenue.
In general, the tokenization of ‘Company’ offers another perfect example of the way NFTs are slowly becoming integrated into different industries, such as the music sector. By giving fans a stake in future streaming royalties and offering producers due recognition, the initiative might work as a blueprint for future partnerships between blockchain technology and the music industry.