- Audius has about six million monthly active users and it lets artists upload their music for free.
- Based on blockchain technology, Audius removes intermediaries and builds a direct link between music creators and listeners.
- Audius crypto’s one-day volume has soared by about 462 per cent in the last 24 hours.
Blockchain-based music services platform Audius is gaining investors' attention as it secured US$ 5 million in a funding round led by some top artists in the music industry. Celebrities like Katy Perry, Jason Derulo, Mike Shinoda and Pusha T were the leading investors among some other celebrated artists.
According to reports, Audius has about six million monthly active users and it lets artists upload their music for free. It is a decentralized music streaming services open-source platform, and it is run through a community of fans, artists, and developers.
Audius gets $5M from Katy Perry & co.
Unlike major music streaming services providers like Spotify and Soundcloud, Audius lets artists own their music and every song has a timestamp record of origin. As cryptocurrency is becoming increasingly acceptable worldwide, celebrities have shown interest in the crypto industry through investments or selling their art in the form of non-fungible tokens (NFTs).
According to CoinMarketCap, Audius' one-day volume has soared by about 462 per cent in the last 24 hours and its price has surged by 24 per cent to US$ 2.97 per token. On that note, let's further explore the cryptocurrency.
What is Audius crypto?
Based on blockchain technology, Audius removes intermediaries and builds a direct link between music creators and listeners. As it is a decentralized protocol, the music streaming services provider enables artists to monetize and stream audio content on its platform.
Established in 2018, the San Francisco-based music platform was co-founded by Forrest Browning and Roneil Rumburg. It is based on the Ethereum blockchain and the transactions and content ledger are registered on this blockchain.
The native utility cryptocurrency of this platform is AUDIO and at the time of its debut on cryptocurrency exchanges in October 2020, the AUDIO token was sold at US$ 0.4664 apiece. This native utility token gives voting rights to fans, unlocks features like getting artists tokens and staking for content or running nodes to get a share of network fees.
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Audius crypto price prediction
According to CoinGecko, the Audius crypto has surged by 3.8 per cent since the past month at the time of writing. The massive surge only came after the recent round of funding; hence it is expected to continue the present momentum for the remainder of this year. However, chances of a massive surge are highly unlikely as it would depend on a major development like this.
Historically, the AUDIO token enters a consolidation zone whenever it hovers around the price range of US$ 3 to US$ 3.5. If the crypto token can break this resistance, then it could breach the all-time high of US$ 4.95 per token by the end of this year, else it will continue to trade around the current price.
AUDIO has a circulating supply of 406 million tokens and its total supply is a little over one billion tokens. If you are interested in this crypto, AUDIO is available on Binance, FTX, Hotbit and AAX cryptocurrency exchange platforms.