From next week, NFT royalties for Justin Bieber’s hit, Company will be put up for sale. To date, the song has over 500 million streams and is a part of Purpose, a hit album with more than seven billion streams on Spotify.
Over the last year, NFTs have been embroiled in scandal, lawsuits, and price crashes across what was once a burgeoning market. One constant, however, has been the rise in NFT royalties, which are a growing market within and beyond the crypto space.
NFT royalties are just like traditional media royalties. The use or resale of the NFT will result in — depending on negotiation — a pay-out to anyone who owns or created the NFT. NFT royalties have become increasingly popular in the ticketing market, whereby artists, organisers and primary sellers earn a portion of the secondary sale profit. They continue to remedy an industry, which is experiencing ticket scalpers out price fans and denying artists the full value of their ticket.
So far, 1% of the entire streaming royalty rights of Justin Biebers song Company will be sold via 2000 Ethereum NFTs. Each token will represent 0.0005% of future streaming proceeds earned on streaming services, including Apple Music, Tidal and Spotify.
Anotherblock, the crypto partner behind this move, tweeted: “Beliebers out there deserve to transform from passive listeners to empowered music stakeholders.”
The tokens for Company will initially be listed from 0.017ETH, and pay-outs will happen every six months.
Do you Belieb in the future of NFT royalties?