You’ve probably heard about the AUDIO tokens, but do you know what they are? Are they a mechanism for indexing metadata, unlocking paid content, and collectible NFTs? Let’s examine these three questions. You’ll also learn about the potential uses of Audius Music NFTs. We’ll also discuss how they’re used by music creators and distributors. Lastly, we’ll cover the use of AUDIO tokens.
AUDIO tokens
The latest news about the Ethereum blockchain-based music streaming service, Audius, is the addition of music NFTs. Now, users can create and display playlists of music NFTs, and they can also use the platform to showcase all of the available Solana and Ethereum music NFTs. The new feature allows users to connect other wallets, such as Metamask, to Audius, and earn a higher status based on the amount of $AUDIO they have stored in their wallets.
The startup has raised US$5.5 million in a recent round of funding led by General Catalyst, Lightspeed, Pantera Capital, and Binance Labs. The company recently announced that it had closed an extension round led by Binance Labs, which raised an additional US$1.25 million. Audius’ mission is to shift money back to the artists through its platform and to cut out middlemen. To date, Audius has raised US$5.5 million through a series of successful fundraising rounds, including the one that raised US$1.25 million.
AUDIO tokens as a mechanism for indexing metadata
Using the blockchain for content distribution and monetization allows creators and distributors to easily distribute, monetize, and stream their content. The platform defines three primary user demographics: content creators, content consumers, and service providers. Some users fall into all three categories. Content creators can run their own nodes or rely on network-registered content nodes. Each node has its own governance weight that can influence the future of the protocol.
To achieve this goal, the project is implementing a governance model based on operator incentives, where the active users can vote and provide feedback. This will align the power of active users with the interests of passive fans. The project has also launched a Discord server called $AUDIophile for community discussion. If you are a fan of music NFTs and would like to get involved in the development of the AUDIO platform, make sure to join the community discord.
AUDIO tokens as a mechanism for unlocking paid content
The initial version of Audius launched in 2018, allowing independent artists to upload their music and users to upload copyrighted content by major artists. While this system is potentially lucrative, some users might be concerned about earning AUDIO tokens for pirated content. In response to these concerns, also the Audius platform has introduced a community arbitration system to regulate content and prevent users from earning AUDIO tokens by uploading pirated material.
The Audius ecosystem is supported by the AUDIO token, as well as third-party stablecoins and artist tokens. The network boasts its own decentralized storage solutions, ledger for sharing metadata and audio content, and a decentralized governance protocol that allows artists to participate in upgrading its protocols. The discovery protocol, which uses a strong track encryption scheme, also boasts its efficiency.
AUDIO tokens as a mechanism for unlocking collectible NFTs
The integration of Audius with TikTok is significant, as it will allow users to easily discover and share new music. TikTok boasts a user base of one billion, and this partnership will certainly help Audius attract established artists and musicians. Other prominent partners include Phantom, a Solana-powered multi-chain wallet. Audius hopes to set the standard for decentralized music applications. Its API will encourage the development of Shazam-like music discovery apps.
Tokens are the core currency in the platform, as they provide a means to reward users. Tokens can be staked to unlock content, collectibles, and exclusive features. The platform airdrops AUDIO tokens to social media-savvy users and artists. The platform’s ICO has 50 million AUDIO tokens, or 5% of the initial supply. Its token price is 0.2 US dollars, which means that a million AUDIO tokens are worth nearly eight million dollars.
