The NFT can revolutionize the music industry, and the distribution of royalties can become fair, which can also benefit the fans.
Music streaming services have more than 400 million subscribers worldwide, generating more than $13 billion in revenue last year. However, those who know the industry well say that the artists receive an unfairly small share of this.
This is where Audius comes into the picture, which is a decentralized, blockchain-based music streaming service platform, the purpose of which is to allow artists to gain more influence in the sale of their music and connect directly with fans. The formula is simple because artists can upload their music for free, and users can listen to it for free while everyone makes money.
Audius is owned and operated by the performers, developers and fans themselves. In order for someone to be able to use Audius, it is not necessary to know the blockchain, which is perhaps why it is so popular outside the crypto community.
There is no centralized control on the platform, which thus provides a safe place for artists who, for example, use their music as a means of protest. Many big-name artists treat Audius as a place to experiment or share tracks that wouldn't or might not fit on other platforms, such as works-in-progress ("WIP"). , long-form sets or more diverse content than usual.
Since Audius is based on the blockchain, it works through a decentralized network of nodes. The Audius network is powered by the Ethereum-based ERC-20 Audius (AUDIO) token. The platform automatically rewards certain achievements with AUDIO tokens: for example, weekly top 5 music, 5 most popular songs, and 5 most popular playlists.
Occasionally, large amounts of token rewards are also given out, where not only the number of plays is taken into account, but also the level of social engagement shown by the artist. In October 2020, the service distributed a total of 50 million AUDIO tokens to 10,000 artists and users on the platform.