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Summary
- AUDIO is a native utility token of Audius, decentralized protocol that maintains music content through its blockchain-listed ledger.
- Audius aims to remove music industry intermediaries by facilitating a decentralized platform.
- The AUDIO token may rebound to previous peaks as the platform onboards more music creators.
Audius is a blockchain technology-led music-streaming and sharing platform. It follows a decentralized protocol that offers a direct connection between music creators and listeners, removing music industry intermediaries like Spotify and Apple Music. It facilitates music composers and audiences, giving them the freedom to monetize and stream audio content on its protocol, respectively.
Its native utility cryptocurrency is known as AUDIO. Music fans get voting rights in the decentralized platform's governance by staking in Audius' native tokens.
The native token jumped as much as 24 per cent on Tuesday, July 13, despite the bear crypto market. AUDIO’s one-day trading volume spiked by almost 200 per cent to US$ 108 million against its market cap of US$ 138 million.
How does the Audius protocol work?
Audius protocol works on Ethereum blockchain, where its content ledger and related transactions are registered. Audius nodes host music content and facilitate permission to listen to audio on behalf of creators.
Its content ledger is an intermediatory free platform and authentic music sources are accessible within the protocol.
The San Francisco Bay Area-based firm was co-founded by Roneil Rumburg and Forrest Browning in February 2018. Its crypto token debuted on exchanges in October 2020, with US$ 0.4664 apiece.
Copyright © 2021 Kalkine Media
AUDIO token’s price prediction
Audius protocol has a current circulation of 120 million AUDIO coins and a total supply of 1 billion tokens. The music token achieved a record high of US$ 4.99 apiece in late March 2021. However, the token dropped below US$ 1 apiece following the May 19 crypto crash.
AUDIO token is generating good traction from the music community, a fact noticeable by its rising trading volume. Audius has been creating a music creators’ community that could compete with mainstream subscription-based music platforms. Its utility token may rise as the community expands.
The token price is up over 677 per cent this year to US$ 1.15 apiece. However, it is still 77 per cent below its record high. Going by historical price data, the token can soar by 4x. If the Coinbase crypto exchange lists Audius on its pro-platform, the token may hit US$ 5 apiece by the end of 2021.
How to buy AUDIO tokens?
Audio is currently on Binance and can be traded with Binance stablecoin (BUSD), Bitcoin (BTC), and Tether (USDT).
On Bitstamp, crypto investors buy and sell AUDIO token using USD.
AUDIO tokens are also available on anonymous crypto exchange UniSwap that allows peer-to-peer transactions in AUDIO using an Ethereum blockchain-based crypto token WETH.
