Audius has two main components, the music platform and the crypto token, $AUDIO. This approach gives musicians and producers an opportunity to monetize their work in ways never thought of before. It also connects the two worlds of music and crypto, which has the potential for massive growth.
Crypto-currencies like Bitcoin (BTC), Ripple (XRP), and even the meme coin, DOGE, have seen unprecedented growth in the last few months alone. Crypto-art, often in the form of NFT’s, has generated millions of dollars for artists in the last few months with producers such as 3LAU racking in over $11 Million for a collection of 33 NFT’s. Touring was a major source of income for musicians pre-pandemic and NFT’s are giving the art industry a much needed financial boost.
The music you upload to Audius is not automatically turned into an NFT, rather the music is placed on the music streaming platform which is backed by blockchain. You can however, showcase your NFT’s via Audius Collectibles. What you put on Audius can be streamed, liked, reposted and shared by other users on the platform.
The platform has a community that feels like the early beginnings of Soundcloud. The main difference is that as your community engagement grows, so does your potential to gain $AUDIO token. This crypto-currency currently has a valuation based on the worth of Audius as a company. The more the community grows, the more value your $AUDIO tokens will have. There is an option to cash out or hold onto your tokens for special investor-like privileges.
Audius also has very sleek and user friendly desktop and mobile apps as well as a growing base of music lovers seeking independent and fresh sounds. You will find some mainstream names such as deadmau5, Masego, and more with music available to stream. Music is a vessel for messages and Audius is allowing music to be the universal bridge into the world of crypto. The music industry has outdated regulations that have not been in favor of protecting the artist at all costs. Instead, they have been protecting their pockets. Adding crypto to the mix is intended to help the artists.
Audius is free for the user and the artist to use and the company states that will always be the case. Generating large sums of revenue off of a completely free platform without ads will be an impressive feat.
What do you think about music intertwining with crypto? Will it help or hurt the music industry? Let us know in the comments below!