AUDIUS (AUDIO)


The NFT could revolutionise the music industry, making the distribution of royalties fair and fairer, and benefiting fans. Music streaming services have more than 400 million subscribers worldwide, generating more than $13 billion in revenue last year. But those familiar with the industry say that artists are getting an unfairly small share of this. This is where Audius comes in, a decentralised, blockchain-based music streaming service platform with the explicit aim of giving artists greater control over the sale of their music and the ability to connect directly with fans. The formula is great because artists can upload their music for free and users can listen to it for free, while everyone makes money. Au dius is owned and operated by the artists, developers and fans themselves. No knowledge of the blockchain is required to use Audius, which is perhaps why it is so popular outside the crypto community. The platform has no centralised control, making it a safe space for artists who use their music as a means of protest, for example. Many prominent artists treat Audius as a place where they can experiment or share tracks that would not fit or perhaps not fit on other platforms, such as unfinished works ("WIPs"), long-form sets, or any other more diverse content that is somewhat out of the ordinary. As Audius is based on the blockchain, the nodes operates through a decentralised network. The Audius network is powered by the Ethereum-based ERC-20 Audius (AUDIO) token. The platform automatically awards AUDIO tokens for trusted results: for example, the weekly top 5 music, the 5 most popular songs, and the 5 most popular playlists. Occasionally, large amounts of tokens are also rewarded, taking into account not only the number of plays, but also the level of social engagement demonstrated by the artist. In October 2020, the service distributed a total of 50 million AUDIO tokens to 10,000 artists and users.