Crypto music streaming platform Audius has developed a new feature that allows users to send the platform’s governance tokens to their favourite creators.
The Audius protocol provides a blockchain-based alternative to SoundCloud to help artists publish and monetize their work and distribute it directly to fans.
This consists of a first-party app for interacting with the protocol and a reference implementation of the underlying protocol as specified in the whitepaper
With 7 million users and 250,000 artists, the platform, which is currently valued at more than $1 billion, allows its fans to support their favourite artists in a tokenized form, express their support through the Audius platform’s governance token audio or connect to an external crypto wallet.
The company plans to add ways to tip in fiat currency by credit card in the coming months,
Forrest Browning, co-founder of Audius, said, “We kind of see it as laying out the breadcrumbs to help our mainstream, Web2 audience start to understand how to tip and how to support their favourite artists and a Web3 ecosystem.”
He added that the platform doesn’t need to attract all the fan base from various platforms but mainly tries to attract the 10 most engaged fans.
Last August, The global video streaming platform TikTok and the encrypted music streaming platform Audius developed a new feature called “TikTok Sounds” to support users to share sounds to the TikTok platform through Audius.
In two funding rounds, Audius has raised a total of $8.6 million. The Solana Foundation has launched a $5 million product in conjunction with music streaming service Audius and non-fungible token (NFT) marketplace Metaplex to attract influencers to create their artwork on Web 3.
Audius has launched a feature to let users embed their NFTs on Twitter and Discord.
Users must connect their Web3 wallet to the app to get access to an embeddable video gallery of their NFTs.
Besides Audius, several Web2 companies have started to explore NFTs as the technology has gained popularity in recent months.
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The feature aims to usher in mass NFT adoption by making unique digital assets more discoverable.
Audius Unveils NFT Preview Feature
Audius just took a big step toward bringing NFTs further into the mainstream.
The Web3 app, which primarily serves as a decentralized music platform, has launched a new feature that lets users preview their NFTs on websites like Twitter and Discord. The tool supports tokens based on Ethereum and Solana, the two biggest NFT hubs.
Users must connect a Web3 wallet such as MetaMask or Phantom to view their NFTs via the Audius platform. From there, they can use the tool to share a video gallery of their collection on social media, blog, or other types of websites. Connecting to a crypto wallet lets users show that they are the verifiable owner of their NFTs.The tool can support NFTs of various forms, including digital art, music, or other types of content.
Audius was among the earliest crypto music projects and has enjoyed a rapid rise as the technology has grown in popularity in 2021. It jumped to over seven million users and has attracted the interest of superstars like Deadmau5, Katy Perry, and Nas. In August, it partnered with TikTok to launch a feature that lets artists upload their music to TikTok videos.
Audius is aiming to use blockchain technology to democratize the music industry. It runs a streaming platform similar to Spotify, where artists can monetize their music via the native AUDIO token. It’s also slowly begun to move into the NFT space in recent months, allowing Audius users to connect their Ethereum and Solana NFTs to their profiles.
Several major applications have started to follow Web3 native projects like Audius in adopting NFT technology this year. Twitter has made various moves to embrace NFTs, from giving away its own collection to teasing a forthcoming NFT authentication feature. The social media behemoth’s CEO, Jack Dorsey, also sold his first tweet as an NFT on Ethereum for $2.9 million in March despite declaring he has no interest in the second-ranked blockchain (Dorsey is known for his support of Bitcoin, but he’s less keen on other cryptocurrencies).
Mark Zuckerberg, meanwhile, announced that Facebook would support NFTs when he shared the news of his company’s rebrand to Meta last month. Discord’s CEO Jason Citron also hinted that his company may begin natively supporting NFTs by integrating Ethereum earlier this month, but he appeared to drop the plans after a fierce backlash from the Discord community over the purported environmental impact of the technology. Whether or not the critics who slammed Discord’s plans will feel the same way about the new Audius feature remains to be seen.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Solana (SOL) started Sep. 3 at a new record high as investors continued to bet positively on its success in the decentralized finance (DeFi) and nonfungible tokens (NFT) sector.
The SOL/USD exchange rate reached $146.28 for the first time in history, following a circa 35% month-to-date rally. The huge upside move lifted the pair’s returns for the year above 7,500%, taking Solana’s market capitalization over $41 billion to make it the seventh most valuable project in the cryptocurrency space.
Solana’s run-up to record highs also brought overvaluation risks in focus, with a classic momentum indicator, the relative strength index (RSI), returning an overbought reading for the cryptocurrency. Above 70, the RSI suggested that SOL/USD could undergo a sell-off in the coming sessions, and that opening a long position on the pair could prove risky.
But analysts noted that it is hard to call the Solana top just yet. Independent market analyst, known by the pseudonym The Crypto Dog, advised speculators to just let Solana ride and see where it goes with its current strength.
Yuri Mazur, head of data analytics at cryptocurrency exchange CEX.IO, anticipated that SOL/USD rates would cross above $150 in the coming sessions. But he too noted that the pair had entered a “price discovery” stage, and its upcoming bias relies on how well Solana emerges in the DeFi and the NFT space.
“The price of Solana (SOL) is on the uptrend as the blockchain is currently showcasing its potentials in serving as a viable alternative hub for all things Decentralized Finance and Nonfungible Tokens,” Mazur said via email.
“The growth of Solana to $146.28 is steered positively by the increasing demand for the tokens for use in minting thousands of NFTs being launched on the Solana blockchain.”
On most NFT and DeFi platforms, users pay for the transaction costs required to process and validate transactions on the blockchain. The so-called gas fees changes as per the network. Ethereum hosts most NFT and DeFi projects via smart contracts supporting its native token Ether (ETH), though this is also why the network suffers from excessive fee issues.
Yuri said investors now consider Solana a potential, long-term rival to Ethereum, especially when providing lower gas fees and higher scalability. He cited Audius, a blockchain-enabled music stream platform that integrated Solana to support its NFT project.
“Solana is still proving itself to be a resilient and a better alternative to Ethereum,” the analyst explained.
“It has a long way to go in terms of becoming a major DeFi and NFT infrastructure […] However, to sustain its growth, better upgrades and features must be unveiled to beat competition from other blockchains, including Cardano and Ethereum.”
Mysterious event revealed as hackathon
More bullish backstops for Solana appeared following its global hackathon launch, dubbed as Ignition, on Aug. 31, which will run until Oct. 8. The contest attempts to draw talents and ideas to the Solana public blockchain to drive growth and innovation.
Related: SOL burn? Solana price hits $100 for the first time after mysterious ‘Ignition’ event revealed
Ignition will distribute over $5 million worth of rewards and seed funding, including prizes from event sponsors like Microsoft, Jump Capital, and Standard Chartered. Mango Markets, the leading Solana-based decentralized exchange and the winner of one of the recent hackathons, will also add $30,000 to the prize reserves.
Speculators earlier misidentified Ignition as a SOL burning event, which helped sending its prices above $100 for the first time in history on Aug. 30.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The music streaming platform Audius has shot up 143% after the news of its partnership with TikTok was announced Monday.
TikTok Integrates Audius
Audius is soaring.
The blockchain-based music streaming platform announced its partnership with TikTok Monday, marking the social media giant’s first-ever music streaming partnership.
📢 Announcing the Audius TikTok integration! 📢
You can now share your tracks directly from Audius to TikTok!
Follow and tag us in your videos using an Audius track for a chance to win 50 $AUDIO.
Official TikTok → https://t.co/mP0BKOjzRV pic.twitter.com/3ydBQq3GzL
— Audius 🎧 $AUDIO (@AudiusProject) August 16, 2021
The partnership will allow users to share tracks directly from the platform to TikTok via a new feature called TikTok Sounds. Currently, the process of sharing music on TikTok is “clunky,” according to Audius co-founder and chief product officer Forrest Browning. By integrating with TikTok, “Any artist can take a song they already have on Audius and just export it over to TikTok in one click,” Browning told The Rolling Stone in an interview Monday.
Audius’ native token AUDIO shot up on the news, briefly reaching highs of $3.94. While the token made a 143% upward move Monday through Tuesday, it fell short of its $4.95 all-time high set in March. The AUDIO token has since cooled off, trading for $3.20 at the time of writing.
Source: CoinGecko
The AUDIO token allows artists on the platform to monetize their work by offering a range of exclusive features to fans. Additionally, the token can be staked to generate yield and secure the network and used to vote on protocol governance, allowing users to shape the platform’s future.
By integrating with TikTok, Audius will expose the platform’s 689 million monthly active users to the Ethereum network. However, whether those users will know they’re using crypto technology remains to be seen. According to Browning, roughly 95% of Audius users “have no idea that blockchain is even involved.”
Audius is not the first protocol to generate interest in cryptocurrencies through music. Last month, Solana enjoyed a boost in interest following the project’s sponsorship of the Lollapalooza festival. Dogecoin enthusiasts have also announced plans for a similar music festival this fall, working under the name “Dogepalloza.”
Disclaimer: At the time of writing this feature, the author owned BTC and ETH.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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The global video streaming platform TikTok and the encrypted music streaming platform Audius have developed a new feature called “TikTok Sounds” to support users to share sounds to the TikTok platform through Audius.
Audius official Twitter releases a demo guideline footage to the public. Audius users can use its Sound Kit function to share sounds to TikTok with up to 1 billion monthly active users.
In the statement, the founder of Audius Forrest Browning said that in a press statement:
“We’re proud to be one of the earliest launch partners for TikTok Sounds and to give the artists on Audius a chance to increase their exposure even more.”
This new feature simplifies the current music upload and selection process of TikTok. Tiktok said that nearly 75% of US users currently use the TikTok platform to enjoy new music. However, according to the co-founder and CEO of Audius Roneil Rumburg, the current workflow for importing songs into TikTok is quite cumbersome:
“To avoid it, some artists even resort to holding their phone up to their laptop’s speakers to re-record the sound for TikTok. With the Audius integration, artists who have content on Audius are able to push it into TikTok with one click.”
The Audius protocol, built on Ethereum and Solana blockchain, provides a blockchain-based alternative to SoundCloud to help artists publish and monetize their work and distribute it directly to fans. Audius has raised a total of $8.6M in funding over two rounds.
As early as last month, The Solana Foundation has co-launched with music streaming service Audius and non-fungible token (NFT) marketplace Metaplex worth $5 million to attract influencers to build their artworks on Web 3.
Music-sharing protocol Audius became one of the first streaming platforms to partner with TikTok, allowing users to directly share tracks to the popular app.
In a Monday announcement, Audius said it had partnered with TikTok in the creation of a new feature called TikTok Sounds. According to a Rolling Stone interview with Audius co-founder and chief product officer Forrest Browning, the integration will allow users to export songs created with the protocol to TikTok with one click, in an effort to streamline the process.
Though Audius claims it seeks to leverage blockchain technology to reward content creators as well as increase transparency on payouts to artists, the integration with TikTok seems to be more about the music rather than pushing messages about cryptocurrency or decentralized finance. According to Browning, roughly 95% of Audius users “have no idea that blockchain is even involved.”
Approaching one billion monthly active users, TikTok reported in July that 75% of its users based in the U.S. discover new artists through the app. Audius now has roughly 5 million monthly active users after an October launch, with many of its governance tokens allocated to creators based on the number of streams they generate. TikTok does not currently allow users to receive performance royalties from streaming music, but instead offers opportunities for exposure and engagement with fans.
Related:Trading apps usurp TikTok in popularity
The integration is somewhat of a surprising move for TikTok given the app’s decision to ban cryptocurrency-based promotional content as well as “the promotion of all financial services and products” in July. Many users learned about the meme-based cryptocurrency Dogecoin (DOGE) from TikTok videos making the rounds last year.
