Justin Bieber fans and investors now have the opportunity to profit from the streaming royalties of his hit song ‘Company’ through the use of non-fungible tokens (NFTs). An NFT is a unique digital asset that is authenticated through blockchain technology, allowing buyers to claim ownership of the digital content.
The song, which was released in 2015 and has been streamed over 500 million times, has been divided into 2000 tokens by the crypto company AnotherBlock. Each token represents a portion of the song’s rights, and investors who purchase these tokens will earn royalties for every stream. However, with each NFT representing only 0.0005% of the song’s rights, it is unlikely to amount to a significant income for investors.
According to the song’s producer, Axident, the ownership of a song holds greater value than its monetary worth. He believes that owning a song through an NFT creates a profound connection to the art that was previously inaccessible to fans.
For producers like Axident, creating NFTs for their music offers another avenue to profit from their creations. Streaming platforms often provide minimal earnings for artists, making NFTs an attractive alternative for additional income.
Despite the potential benefits, investing in NFTs has generated skepticism due to the volatility of the market. During the NFT boom in 2021, some NFTs reached exorbitant prices, leading critics to view them as overpriced JPEGs. However, the value of these NFTs has since significantly decreased, including an NFT purchased by Justin Bieber himself, which has lost 95% of its value.
Nevertheless, music tech NFTs, like the one offered for Justin Bieber’s ‘Company,’ may be a more secure investment compared to other forms of NFTs. Artists such as Rihanna and David Guetta have also ventured into the NFT space, providing fans with opportunities to earn money from their songs.
While investing in the music industry can carry risks, putting money into a popular song via an NFT offers a potentially safer bet compared to investing in a digital artwork. Ultimately, NFTs provide a new and innovative way for artists and fans to engage with the music they love while exploring alternative revenue streams in the ever-evolving music industry.
