Audius - The web3 music service hitting all of the right notes!
$AUDIO is showing strong potential for gains in 2023 and beyond let’s look into the platform to understand the true value it provides to independent artists!
Audius is a revolutionary new music streaming platform that has the potential to transform the music industry. In this article, we will explore how Audius works, its unique features, and how it is challenging the dominant players in the space. We’ll also discuss the associated ERC-20 token, $AUDIO, and its potential for growth in the coming years.
What is Audius?
Audius is a music streaming platform, it was launched in 2019 and has grown steadily since its launch. This platform differs from traditional streaming services like Spotify and Apple Music as it is built on a blockchain making it decentralised.
Decentralised platforms like Audius are gaining popularity as they offer more control and ownership as it is essentially owned by its users. This empowers artists giving them more control over their music and provides exciting new ways to earn revenue from their streams, and the ability to connect with their fans directly. The use of blockchain technology provides a new level of transparency and security in terms of data privacy and ownership. It’s exciting to see how technology is changing the music industry and providing new opportunities for artists to connect with their fans and monetise their work.
Features
Audius is revolutionising the music industry providing cutting edge features that give artists more control and provide fans with a new and exciting way to discover music.
One of the standout features of Audius is its direct upload capability. This means that artists can share their music with the world without having to rely on record labels or distributors. This is a game-changer for independent artists who may not have the resources to navigate the traditional music industry. Audius levels the playing field by allowing artists to take control of their own music and get it out to their fans without any middlemen getting in the way.
The platform also takes advantage of the micropayment functionality that has been enabled by blockchain. This allows artists to earn revenue from their streams in real-time. This is a massive improvement over traditional streaming services that pay artists on a monthly basis. Real-time payments mean that artists can get paid instantly for their streams, providing them with a more sustainable income stream and allowing them to focus on creating more music for their fans to enjoy.
The $AUDIO Token
Audius is not only leveraging the technical benefits of web3 technology to reimagine the music industry but also taking advantage of the financial aspects of the technology for payments, incentives, rewards, and governance. The engine of the financial and governance aspects of the platform is $AUDIO, its native ERC-20 token, which serves as a key component of the platform’s governance and incentivisation system.
The $AUDIO token is used to incentivise users to actively participate in the network and contribute to its growth. Users are rewarded for creating and curating playlists, verifying content on the platform, and staking tokens to vote on proposals. By rewarding users with $AUDIO for their contributions, Audius creates a self-sustaining ecosystem where users are incentivised to work together to improve the platform and increase its popularity.
The $AUDIO token has seen significant growth over the past year, with its price increasing by over 5,000% since its launch in September 2020. This growth can be attributed to several factors, including the platform’s increasing popularity, its partnerships with major artists and labels, and the growing interest in decentralised finance (DeFi) and blockchain-based projects.
What does the future sound like?
Looking ahead, Audius and $AUDIO have significant potential for growth in the coming years. The platform has already gained a loyal user base and has signed partnerships with major players in the music industry, including TikTok and EDM label, Monstercat. As more artists and fans discover the benefits of a decentralised music streaming platform, Audius is well-positioned to challenge the dominance of Spotify and Apple Music.