What is it with British bands and Oasis’ “Wonderwall”? At the Olympic closing ceremonies this past weekend original Oasis member Liam Gallagher surprised everyone by performing his infamous hit with his new band Beady Eye. A song he hadn’t performed live since the group’s bitter breakup in 2009, now another band is getting in on the act.

One Direction just released their cover of Oasis’ 1995 hit song “Wonderwall.” They aren’t the only boy band that has love for Oasis. Turns out Tom Parker of the Wanted is a self-proclaimed major Oasis fan.

What is it about this song that makes it a favorite among British bands? Here’s a brief history.

“Wonderwall” was released as Oasis’ third single back in October of 1995 and quickly climbed the charts globally. Although it reached No. 2 on the UK Singles Chart, in the U.S., Australia, New Zealand and Spain it went all the way to No. 1.

The song has won numerous awards and accolades as well as made it’s way onto many Best Songs lists including being voted the best British song of all time by Virgin Radio.

It turns out the Brits aren’t the only ones obsessed with the song. Everyone from Jay-Z to Rihanna has covered “Wonderwall.” After Noel Gallagher blasted Jay-Z being booked as a headliner at Glastonbury in 2008, the rapper opened his set with a cover of “Wonderwall.” Thanks to Jay-Z’s performance the track saw a huge sales boost and the album received a 200% increase.

Even popular television shows like the O.C. have made the track the focal point of major episodes. When Seth Cohen and Summer broke up he was listening to Ryan Adams album, the appropriately titled Love Is Hell pt. 1, which included a cover of “Wonderwall.”

There seems to be no end in sight for future covers of “Wonderwall.” This time around the Gallagher brothers have One Direction to thank.

-Annie Reuter, CBS Local