Justin Bieber’s 2015 hit “Company” is now an NFT
- 2,000 NFTs, each for 0.017 ETH, will be available for sale on anotherblock.
- NFT owners will be able to earn a 1% royalty share from the track’s streams.
Canadian singer Justin Bieber’s 2015 hit “Company” is now a Non-fungible Token [NFT], thanks to a collaboration between blockchain-centric music platform anotherblock and the track’s co-producer. Andreas Schuller “Axident.” The platform will launch the NFT on 7 September.
A limited number of 2,000 NFTs, each for 0.017 Ethereum [ETH], will be available on the platform. Each one of them represent 0.0005% ownership of the music streaming rights of the track.
NFT owners will be able to earn a 1% royalty share from the track’s streams, even as Axident retains the rights to the song.
“Company” is a song from Bieber’s fourth studio album, “Purpose,” released in 2015. The music video has amassed 677 million views on YouTube so far.
It is the first time that Bieber has turned one of his songs into a collectible. However, Bieber is not the first artist to be featured on anotherblock.
The platform earlier collaborated with leading figures from the music industry on Web 3.0 projects, including Rihanna, The Weeknd, Martin Garrix, Alan Walker, and Offset.
However, it is the first time on the platform that NFT owners will be able to earn royalties from a track’s streams.
NFT market undergoing a crisis
NFTs were immensely popular in 2021-22. However, the situation changed for the worse this year. The market underwent a sharp decline in recent months, as reported by AMBCrypto last month. The value of Blue-Chip collectibles has continued to decline as well.
There is also the looming fear of NFTs being subjected to regulatory scrutiny in the U.S., similar to cryptocurrencies. Last month, AMBCrypto reported that the Securities and Exchange Commission [SEC] asked media and entertainment company, Impact Theory, to pay over $6.1 million in penalty for engaging in unregistered securities sales involving NFTs during October-December 2021.
The SEC claimed that these NFTs qualified as investment contracts, and thus should be treated as securities. The regulator issued a cease-and-desist order, to which the company consented.