Andreas Schuller, professionally known as Axident, has initiated the sale of NFTs that entitle holders to a share of future streaming royalties from Justin Bieber’s track ‘Company’.
Aiming to transition Bieber’s fans from mere audience members to active stakeholders in the music, the Norwegian producer has collaborated with the blockchain-oriented music rights platform, AnotherBlock.
Through this initiative, Axident intends to distribute 1% of the streaming royalty rights of Bieber’s hit song across 2,000 ERC-721 tokens.
Remarkably, within the initial 2 minutes, 353 of these NFTs have been created.
As per the details on their website, at a cost of ETH 0.017, each token grants the holder a 0.0005% stake in the music streaming rights.
These rights encompass streaming revenue from leading digital platforms such as Apple Music and Spotify.
Typically, royalties are disbursed every half year. However, AnotherBlock has hinted at significant forthcoming updates, urging users to “stay tuned.”
As highlighted in the FAQ section, token holders are eligible to collect royalties for as long as the song’s copyright protection is valid in the specific country’s jurisdiction. In the European Union, this duration extends up to seventy years after the song’s initial release.
The stake percentage associated with each song is documented on the Ethereum blockchain. Meanwhile, all pertinent assets are uploaded to IFPS storage and linked to the respective NFT, as explained by AnotherBlock.
For those interested in purchasing, the tokens are available for acquisition using cryptocurrency or a traditional credit card via paper.xyz.
The website clarified that due to regulatory ambiguities in the U.S., American residents are barred from both minting and royalty claims.
Bieber is no stranger to the NFT realm. He made headlines by becoming a member of the Bored Ape Yacht Club (BAYC) after purchasing Ape #3001 for ETH 500 in January 2022. This acquisition was valued at $1.3 million during the time of purchase. However, by July 2023, its valuation plummeted by $1.2 million.
Despite Bieber’s foray into NFTs, he hasn’t played any role in Axident’s decision to sell a share of the streaming royalties from ‘Company’.
On another note, AnotherBlock has a track record of venturing into similar endeavors. Earlier this year, in February, they sold streaming royalty rights tied to Rihanna’s hit song ‘Bitch Better Have My Money’, with 300 NFTs being minted and subsequently sold.
Released in 2015 as a part of Bieber’s fourth studio album, ‘Purpose’, the track ‘Company’ boasts a staggering 677 million views on YouTube and has garnered 5.3 million likes. This places it as the 11th most-viewed video on Bieber’s channel.
Axident is not just another name in the music industry. He is a Grammy-nominated producer, songwriter, and publisher, having collaborated with renowned artists like Pitbull and Jason Derulo.
AnotherBlock elaborated on Axident’s acclaim, stating, “AXIDENT’s unique sound signature has made waves across international borders. His body of work has achieved gold and platinum status over 60 times and, on YouTube alone, his catalog has resonated with nearly half the global population.”