On September 7, 2023, a significant collaboration between AnotherBlock, a blockchain-centric music platform, and renowned music producer Andreas Schuller, also known as Axident, is set to release a global hit track titled “Company” in the form of an NFT, with only 2,000 copies available.
The global pop icon Justin Bieber’s iconic song “Company” is being transformed into a non-fungible token (NFT). This NFT will allow Web 3.0 investors and fans to invest in a slice of the song’s royalties. However, Axident will remain the right holder of this song, while those who own this track’s NFT will receive a 1% share of the song’s streaming royalties.
Axident also highlights the vital role of fans in the music industry and demonstrates how blockchain and music rights are conducted in this new era of fan interactions. Axident also stated:
“The ownership of a song bears far greater weight than its monetary value; it forges a profound connection to the art that, until now, has been beyond the reach of fans.”
Initially, when the “Company” track was released, it made it into the top forty in Australia and ranked at 53 on the US chart. Over 500 million streams of the song have been recorded so far.
In a recent interview, the Co-founder and CEO of AnotherBlock, Michel D. Traoré, highlighted that introducing this beloved track as an NFT is an innovative approach to introducing the masses to Web 3.0 technology. He also highlighted that Axident’s decision to share royalties shines a much-needed spotlight on the forgotten creators behind the music.
Not only does this innovative move create a new revenue stream for producers, but it also provides fans with a unique opportunity to discover and connect with the talented individuals responsible for these incredible works of art.
Anotherblock has a track record of collaborating with some of the biggest names in the music industry, including pop sensations like The Weeknd, Rihanna, and Martin Garrix, on exciting Web3 ventures. This latest venture with Justin Bieber’s “Company” promises to be another milestone in the intersection of music and blockchain technology.
Along with celebrities, star companies, and brands are also continuously increasing their interest in NFTs. Recently, in a report by Todayq News on August 31, 2023, Lufthansa Group introduced a new loyalty program that utilizes NFTs to reward passengers for traveling with their airlines, including Lufthansa, Austrian Airlines, and Swiss International Air Lines. Along with this airline giant, stars like Coca-Cola, Starbucks, Nike, McDonald’s, Reddit, and many others have stepped into the NFT world.