Cody HilpertWith the increasing popularity of music streaming platforms, it has become easier than ever to listen to music without wasting time downloading the songs of your choice. The new-age music streaming services are also more artist-friendly compared to the traditional music industry, which presents various challenges to artists, such as low earnings, lack of transparency, and limited control over distribution and sales.
One such innovation in the field is Audius, a platform that helps creators monetise their content by empowering them with their native crypto named AUDIO. If you are an artist, you can augment your earnings by using AUDIO Crypto.
What is Audius? How does it work, and how can it help you build your wealth? Let’s find out!
Understanding Audius
Audius is a decentralised music streaming platform that lets listeners support artists directly via its AUDIO token. Audius hosts over 100,000 artists and has almost 6 million unique users as of December 2021. Roneil Rumburg and Forrest Browning founded Audius in 2018 in order to democratise music by eliminating record labels and intermediaries. In contrast to other streaming services, the playing frequency of a song does not determine an artist’s revenue. If you are an artist, Audius does not receive any of your revenue.
AUDIO, Audius’ native crypto can be used by curators to receive 90% of their revenue. Stakeholders who support the Audius network receive the remaining 10%. The AUDIO token is an ERC-20 token used on Audius as the governance token. Stakeholders can access exclusive content, participate in the governance of Audius, and help secure the network. Stakeholders may also receive AUDIO rewards. A unique feature of Audius is that it does not require artists to go through any verification procedure and lets them start uploading their music just by signing up on the platform.
The Audius blockchain protocol is currently built on a POA network sidechain on the Ethereum platform. As the demand for streaming content grew, Audius was faced with scaling issues and made the decision in 2020 to migrate to the blockchain of Solana Coin to improve its performance. However, it continues to use the Ethereum blockchain.
Stakeholders can vote on network upgrades and changes by using the ERC-20 token AUDIO. Staked AUDIO coins enable them to unlock exclusive features. The company has also partnered with gaming blockchain DeFi Land to build a radio tower in the metaverse of the game. A radio tower is a key mechanism for promoting artists.
How Audius Works
Audius enables everyone to distribute, monetise, and stream music free of charge, thus addressing the challenges of the music industry, including music rights and royalties. Through it, artists can interact directly with their audience, removing intermediaries. The decentralised Audius platform allows artists to upload and distribute their songs. Artists can earn revenue without sacrificing ownership of their audio content through a variety of methods.
Price Prediction For Audio Coin
A price of $4.1781 (INR 317.75) marked the highest for the AUDIO token on 27 March 2022. AUDIO tokens are currently selling for $1.10 (INR 83.66). It is currently attempting to reach a new all-time high. According to experts, the price of the AUDIO token will soon cross the $3 value (INR 228.16). And by the end of this year, it is expected to touch a price of $5 (INR 380.27). The year 2023 is expected to give a huge boost to the AUDIO crypto. By the end of 2023, its worth is expected to be $10 (INR 760.54), and by the end of 2024, an all-time high of $15 (INR 1,140.82) to $20 (INR 1,521.33) is expected.
Conclusion
Even though it might look like just another music streaming service, Audius offers new opportunities for musicians and industry professionals alike. Moreover, it illustrates how blockchains are being applied to numerous aspects, in the real world and in the metaverse. Audius can be very fruitful for you if you are an artist. If you are looking to invest in Audio Coin, you can start trading on India’s best crypto exchange ZebPay and start building your wealth!
Zita Mraz
