J. Bieber, NFTs and Royalties
Manufacturer Justin Bieber, Andreas “Axident” Schullerlaunched the sale of royalties for the song”Company” in NFT form. Or, in other words, NFTs that will provide owners with a percentage of future royalties for streaming a hit song.
The operation is carried out jointly with Another blockblockchain-based music platform consisting of sell some streaming rights through 2 thousand NFTs mined on Ethereum.
Each non-fungible token will be available for purchase starting at 0.017 ETH and will provide each holder 0.0005% future earnings streams created by companies such as Apple Music, Tidal and Spotify. However, royalty payments will be made every six months.
“Company”, released in 2015, is part of Purpose, the Grammy-nominated Canadian artist’s fourth album, and has amassed more than 500 million games only on Spotify.
“Combining blockchain and music rights opens the door to a whole new realm for both rights holders and fans,” Schuller said. “This approach democratic and represents the futuresince ownership of a song carries far more weight than its monetary value and has always been beyond the reach of fans.”
In truth, AnotherBlock is not new to these new Web3 business solutions. In fact, he has previously sold royalties from songs by artists such as Rihanna, David Guetta AND Martin Garrix.
Bieber, however, is not directly involved in the sale of a share of the rights, but he is no stranger to the world of Web3, owning, among other things, the famous yacht club Bored Ape (BIKE).
History is also a symptom of a continuum. development of NFT technology in the music sectoras evidenced, for example, by recent investments ($16 million) in the platform Royal, musician Justin “3LAU” Blau. In February, the same company said it paid its users $130,000 in royalties.
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