World-renowned artist Justin Bieber has decided to convert his 2015 hit song “Company” into an NFT (Non-Fungible Token). This decision allows fans to earn royalties from the song’s future broadcasts. Bieber will collaborate with blockchain-based music technology platform Otherblock and co-producer Andreas Schuller, also known as Axident, for this intriguing investment opportunity.
How Will Fans Profit with a Song?
Fans of Justin Bieber can purchase NFT versions of the song “Company” and earn a 1% royalty fee from each broadcast. There will be only 2,000 NFTs in total, making the song a unique investment opportunity.
Axident spoke about the importance of fans in the music industry and how blockchain technology has opened an entirely new world of interaction concerning music rights. Andreas Schuller, also known as Axident, emphasized how crucial fans are in the music industry and how blockchain technology has opened up an entirely new interactive world concerning music rights.
Schuller underscored that while he will continue to own the rights to the song, fans who own the NFT will have a 1% stake in the song’s streams.
Justin Bieber and his team are following an interesting and innovative path at the intersection of music and blockchain technology. For fans, this could be a brand new way to invest in an artist they love while also earning passive income. However, the success and impact of such projects are yet to be known.