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A popular song by Justin Bieber is morphing into a unique digital asset. The music technology platform anotherblock and Andreas Schuller, the song's co-producer known in the industry as Axident, are set to release "Company" as a nonfungible token (NFT) on September 7. With a total issuance of 2,000 tokens, this venture offers fans an unprecedented chance to own a stake in the song's future revenue.
Ownership of this NFT doesn't just give fans bragging rights; it offers them a slice of the song's ongoing earnings. Axident will still hold the rights to the song but fans with the NFT will get a piece of the action by sharing in 1% of the streaming royalties. Axident emphasized how this initiative redefines the relationship between fans and the music they love, going beyond merely consuming to actual ownership.
Before this initiative, "Company" had already proven its worth, ranking in Australia's top 40 and reaching 53 on the United States charts. In terms of streaming numbers, the song has soared past half a billion plays.
Michel Traore, co-founder and CEO of anotherblock, believes that iconic songs like "Company" are the perfect vehicle to familiarize the general public with Web3, a decentralized internet structure. He points out that the initiative is also designed to give due credit to the often-overlooked music producers. This innovation not only generates additional income for artists but introduces fans to the unsung heroes behind their favorite tracks.
Anotherblock isn't new to these types of collaborations. The company has been involved in similar digital projects with high-profile musicians like Rihanna, The Weeknd, and Martin Garrix. This Justin Bieber song, transforming into a digital asset, is indicative of an evolving landscape where technology and pop culture coalesce, changing how fans interact with and invest in their favorite artists.
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