You can now earn royalties from a Justin Bieber song.
His hit song ‘Company’ has been released as an NFT.
This means investors and fans alike will be able to ‘own’ the track and profit from streaming royalties.
READ MORE: All those NFTs that sold for millions are now worthless
The song came out in 2015, and has since been streamed more than 500 million times.
Recently the song’s producer, Axident, decided to take part in a new kind of NFT.
The crypto company AnotherBlock released 2000 tokens, each of which represents a portion of the song.
Once investors have bought a token, they will start to earn royalties for every stream.
With each NFT representing 0.0005% of the song’s rights, we can’t imagine this is going to amount to a life-changing amount.
It’s about more than just the money though according to Axident.
“The ownership of a song bears far greater weight than its monetary value,” he said.
“It forges a profound connection to the art that, until now, has been beyond the reach of fans.”
Contrary to popular belief, producers don’t always earn huge amounts from streaming.
Creating NFTs like this allows producers another way to profit off their bangers.
Given the state of the NFT market right now, however, we wouldn’t blame you for feeling sceptical about investing.
During the NFT boom of 2021, some NFTs were worth millions and many celebrities forked out fortunes for what were referred to by critics as ‘overpriced JPEGs’.
Since then these NFTs have seriously decreased in value.
Most notably, Justin Bieber’s investment in a $1.3m Bored Ape NFT has now lost 95 percent of its value.
While the expensive JPEG side of the NFT world is looking bleak, more innovative music tech NFTs like this one may be a more solid investment.
Rihanna and David Guetta have also hopped on the trend, offering fans the chance to make money from their songs.
Whatever your music taste, investing in a popular song seems a safer bet than a drawing of a monkey.
