According to Cointelegraph, on September 7, music tech platform anotherblock and co-producer Andreas Schuller, also known as Axident, will release 2,000 nonfungible tokens (NFTs) of Justin Bieber's hit song 'Company.' Fans who purchase an NFT will be able to participate in a 1% royalty share of the song's streams, while Axident will remain the rights holder. The track has amassed over 500 million streams since its initial release as a single, reaching Australia's top forty and landing at 53 on the U.S. charts.
Axident believes that blockchain and music rights can create a new world of interactions between fans and the music industry. Michel D. Traore, co-founder and CEO of anotherblock, stated that delivering universally beloved songs through Web3 tools can acquaint the masses with the technology and offer music enthusiasts something that has not been accessible to the general public until recently. Traore also emphasized that the royalty share is being divested by Axident, which not only creates a new revenue stream for producers but also allows fans to discover and connect with the creators behind the songs. Anotherblock has previously worked on Web3 ventures with major names in the music industry, such as The Weeknd, Rihanna, and Martin Garrix.
