Pop star Justin Bieber’s 2015 hit “Company” is set to take on a second life, this time as an NFT that offers fans a slice of the song’s ongoing royalties. On Sept. 7, a limited edition of 2,000 NFTs of the song, priced at 0.017 ETH (approximately $1,632), was released in a collaboration between the blockchain-centric music tech platform anotherblock and the track’s co-producer Andreas Schuller, also known as Axident. Axident is divesting a 1% royalty share to NFT holders, in an attempt to foster a deeper connection between fans and the music they love.
This move comes at a time when the NFT market, initially buoyed by visual art, is experiencing a slump, with musicians potentially coming to the rescue to breathe new life into the industry. The shift towards auditory art offers a fresh perspective for the NFT sector, which has been grappling with market instability and reduced artist royalties.
The music industry’s pivot towards NFTs is being closely observed as it may alter not only the way music is bought and sold but also how artists interact with their audiences. Crypto advocates and startups see NFTs as a potential savior of music ownership in the streaming age, offering a unique opportunity for artists to reclaim control over their work and forge a deeper connection with their fanbase.
In a similar vein, French DJ and producer Agoria recently experimented with NFTs by offering his fanbase, aka “Agorians,” a shared stake in the royalties from his upcoming song, leveraging the blockchain-based music platform Bolero. This initiative tests a new method of reciprocating fan support and explores the potential of blockchain technology in the music industry. However, it also raises questions about its scalability and applicability to artists whose fan bases may not be as familiar with NFTs and blockchain technology.
The key takeaway is simple: as the music industry navigates its increasingly desperate need to find new revenue pathways, the tokenization of music royalties through NFTs could potentially redefine the relationship between artists and their audience, offering a more immersive and rewarding musical experience for all.