Andreas Schuller, who is widely recognized by his producer pseudonym, Axident, has initiated the sale of non-fungible tokens (NFTs). These NFTs provide their owners with a share of the future streaming royalties generated from Justin Bieber’s track, ‘Company.’
In an effort to empower Justin Bieber’s fans and transform them from passive listeners into active music stakeholders, the Norwegian music producer has collaborated with the blockchain-based music rights platform, AnotherBlock.
Axident’s strategy involves selling a 1% stake in the streaming royalty rights for Bieber’s renowned song through the issuance of 2,000 ERC-721 tokens. Notably, within the first two minutes of the launch, 353 NFTs have already been created.
This arrangement encompasses proceeds from major digital streaming platforms such as Apple Music and Spotify.
Typically, royalties are disbursed every six months, but AnotherBlock has hinted at significant updates on the horizon.
As per the FAQ, “the collector will continue to receive royalties as long as the copyright protection for the song remains in effect within the jurisdiction of the country,” which, in the EU, extends up to the seventieth year following the initial public release of the recording.
The ownership percentage for each song is securely stored on the Ethereum blockchain, while all associated assets are uploaded to IPFS storage and linked to each NFT, as indicated by AnotherBlock.
These tokens can be acquired using cryptocurrency or a credit card via the platform paper.xyz.
The website also made it clear that U.S. citizens are unable to participate in the minting process and royalty claims due to regulatory uncertainties within the United States.
It’s worth noting that Justin Bieber has prior experience in the NFT space. The celebrity became a part of the Bored Ape Yacht Club (BAYC) by purchasing Ape #3001 for 500 ETH in January 2022, which was valued at $1.3 million at that time. However, the value of this acquisition dropped significantly by $1.2 million by July 2023.
Despite his involvement in NFTs, Justin Bieber is not directly engaged in the sale of Axident’s share of the streaming royalty rights for ‘Company.’
Additionally, AnotherBlock has previously sold streaming royalty rights to songs by other artists, including the immensely popular ‘Bitch Better Have My Money’ by Rihanna in February of this year, with 300 NFTs being minted and sold.
‘Company,’ originally released in 2015 as part of Justin Bieber’s fourth studio album ‘Purpose,’ has garnered 677 million views on YouTube, with 5.3 million likes, making it the 11th most popular video on the artist’s channel.