Audius, a crypto music platform that is set to change the music industry, has found prominent backers from the music industry in its investment round.
Setting a New Bar
Audius, a music platform on blockchain that raised $5 million, will offer streaming and sharing services to users to rival music giants such as Spotify and Soundcloud. With 6 million monthly active users and its recent partnership with TikTok, this music-sharing platform is catching the attention of the music industry.
The platform aims to be a decentralized, community-owned, and artist-controlled music-sharing protocol. Its Decentralized Application (DApp) is designed to attribute, distribute and monetize content for the artists by cutting out the middleman and connecting the artists directly to the fans.
“Our mission is to create a fully decentralized community of artists, developers, and listeners collaborating to share and defend the world’s music,” – Audius describes its mission and values in its blog.
Audius has also allowed its users to display their Ethereum and Solana-based Non-Fungible Tokens (NFTs). This is done through Audius Collectibles, and it functions either to showcase the NFTs or as a marketplace. Artists can promote their NFT collectibles directly to their fans as limited edition sales, digital art, ticket, or album.
Empowering Artists and its Community
Audius empowers artists by allowing anyone to share their music, retain ownership of the content, and be paid for it. There is no need for an intermediary. Its latest partnership with TikTok, a trending social media application estimated to surpass more than 1 billion active monthly users in 2021, allows for music sharing on Tik Tok with a single click.
True to this decentralized aspiration, Audius is committed to empowering its community through a governance protocol. For a proposal to be passed, at least 5% of all staked $AUDIO must vote.
$AUDIO Rewards
Audius seeks to reward its users for completing tasks such as uploading content, hitting milestones, and referring reputable users. These rewards are aimed to distribute the $AUDIO tokens to the hands of those that are actively creating value on the network.
The platform fosters an ecosystem that will autonomously distribute rewards to its community with a fixed on-chain allocation. These rewards are designed to remunerate top curators and API providers.
Curation is an essential feature for any platform that offers products or services involving intellectual property rights. In the future, curation rewards can include a bounty program to community members for reporting on copyright infringements if the infringement is proven.
Testing New Grounds
Audius presents a noble aspiration. This hybrid platform can be the solution to many struggling artists by giving them direct access to listeners. The NFT Collectible showcase is also an innovative touch for artists to increase their revenue stream by synchronizing merchandising with NFT technology. Audius is a promising project that balances the interests of the artists, community, and fans.
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Source : bsc.news
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