Audius, Blockchain Music Service, Secures $5 Million and Backing From Nas, Katy Perry

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.

By
Chung Yee
on
September 20, 2021
Category:
Blockchain News

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.   
Source: Audius is not only supported by music industry giants but is also backed by prominent VCs such as Pantera Capital, Lightspeed, and General Catalyst.

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. 

Source: Mike Shinoda, the lead vocalist for Linkin Park, boasts a collection of valuable NFTs that he showcases on Audius Collectibles.

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. 

Source: Audius allows its community to participate directly in the future of the platform. 

$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. 

Where to find more about Audius:

Website | Twitter | Discord | Twitter | Blog 


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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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