Audius is a new decentralized music streaming platform that uses blockchain technology to create a more transparent and fair music industry. Unlike traditional music streaming services, Audius gives artists complete ownership of their content while also giving listeners full control over how they experience their favorite tracks.
With its integration of NFTs (non-fungible tokens), Audius provides users with unprecedented access to the metaverse – an interconnected virtual world where everything from digital goods to real-world assets can be represented as unique digital tokens. As more users join the Audius platform, it is likely that the service will become the next Spotify – widely used by both artists and listeners alike.
What is $AUDIO?
$AUDIO is the native token of the Audius protocol. It is used to power the decentralized music streaming service and incentivize users to contribute to the network. For example, listeners can earn $AUDIO by staking their tokens to support their favorite artists, and artists can earn $AUDIO by creating popular content.
In 2021, it has reached a peak of almost $5 during the altcoin season of the time. Considering that it started at $0.152 that year, it has grossed more than 5 times in just a span of 3 months. The current price as of this writing stands at around $1 but it has one of the more active price movements compared to other tokens.
It has a total market cap of $677,557,486 as of this writing with a circulation supply of 620M without a maximum cap. The unlimited supply may turn away some potential investors but that does not mean that the token has little growth.
How Does Audius change the Music Industry?
Audius aims to create a more transparent and fair music industry by giving artists complete ownership of their content. With traditional music streaming services, such as Spotify, the majority of revenues go to the platform itself rather than the artist.
However, with Audius, artists keep 100% of their earnings. In addition, because Audius is decentralized, there are no censorship concerns – anyone can create and share any type of content without fear of being censored or removed from the platform.
Currently, the project has some big star names that support it including Katy Perry, Nas X and Jason Derulo.
How Does Audius Work in the Metaverse?
As mentioned earlier, Audius integrates with the metaverse – an interconnected virtual world where everything from digital goods to real-world assets can be represented as unique digital tokens.
The integration of NFTs allows users to represent their selected tracks as unique digital assets that can be traded, sold, or simply collected. In addition, because the metaverse is decentralized, there are no centralized points of control – meaning that anyone can create and share any type of content without fear of being censored or removed from the platform.
Music Exploding as NFTs
With the recent explosion in popularity of NFTs, it’s no surprise that the music industry is starting to explore how this new technology can be used to improve the way music is distributed, sold, and experienced.
One of the most promising applications of NFTs in the music industry is using them to regulate how music is consumed and paid for. For example, many artists today are exploring the idea of releasing their songs as NFTs on a blockchain. By doing so, they can make it easier for fans to buy and listen to their music, while also making sure that those who purchase or stream their music get an adequate share of the revenue.
In addition, NFTs can also be used to create unique and limited-edition music experiences that can’t be replicated or pirated. For example, an artist could release an NFT-based song that can only be played a certain number of times, or offer a special edition of their album that includes exclusive bonus tracks or custom artwork.
Overall, as NFTs continue to gain traction in the music industry, we can expect to see a lot more innovative, creative ways for artists and fans to interact with music.
Will Audius become the next Spotify?
It is certainly possible that Audius will one day become the go-to music streaming service for artists and listeners alike. With its innovative use of blockchain technology, decentralized architecture, and integration with the metaverse, Audius has all the tools needed to disrupt the traditional music industry and create a fairer, more transparent platform for artists and fans alike.
So if you’re passionate about music and cutting-edge technology, be sure to check out Audius today and start exploring the possibilities of decentralized music streaming.