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Audius (AUDIO) is a protocol that aims to connect listeners and music creators. It allows listeners to stream and distribute music using blockchain technology. It also allows auditors to directly remunerate creators.
The music industry is one of the largest in the world, representing billions of dollars a year. Audius is looking to capitalize on this and bring crypto technology to the industry.
What is Audius (AUDIO)?
AUDIO is an ERC-20 governance token that powers the Audius protocol. It is built on an Ethereum compatible blockchain, similar to Polygon’s. It allows token holders to have a say in new projects, by giving them the right to vote.
Token holders can also bet on their position to support the network and earn rewards. These rewards can take the form of exclusive content or collectibles.
The token can also be used by listeners to pay their favorite artists directly. This eliminates the middleman that other platforms use to pay artists. Audius is a blockchain that hopes to have a huge impact on the music industry.
Audius (AUDIO) price
AUDIO is currently trading at around $ 2.00, with a market cap of around $ 900 million. It saw highs of over $ 4.00 in March 2021 and several other price hikes this year. It also experienced lows of around $ 0.10 in early 2021.
Because the music industry is so big, Audius faces major competition. Some of the most important are Spotify and Apple Music. However, Audius aims to tackle some of the major issues presented by other music streaming services.
One of the biggest issues is payment. Some estimate that only 12% of total revenue ends up in the hands of artists on major streaming platforms. Audius hopes to provide creators with 90% of their total revenue, with the remaining 10% going to network support. Audius aims to provide a fairer payment system in the music industry.
Audius also seeks to connect artists and fans. In addition to allowing fans to pay artists directly, it also offers remix contests. These contests allow fans to remix their favorite songs and showcase their work to artists.
How to buy Audius (AUDIO).
Now that you understand the basics of the Audius platform, you might be interested in purchasing AUDIO. Fortunately, purchasing the token is fairly straightforward.
Step 1: Open an account online.
The first step in purchasing AUDIO is to open an online account. Online accounts are the easiest, but may not be the most secure. If you are located outside of the United States, FTX is a great option to purchase AUDIO.
If you are in the United States, Crypto.com is a great option. Make sure you research a trade before opening an account.
Crypto.com strives to make cryptocurrency a part of everyday life by offering a comprehensive suite of services to crypto users. The company offers a Crypto.com app, exchange, Visa card, DeFi exchange, DeFi wallet, DeFi Earn, Crypto.com price, staking, crypto loan and many other services. What really sets them apart, however, is the combination of super low fees and incredibly generous rewards programs for their users.
- Traders who want to access a secure and low cost cryptocurrency exchange
- Passive investors who want to earn interest on their balance without having to make frequent transactions
- Mobile investors who prefer to manage all their crypto needs through their phone or tablet
- Low fees
- High security
- One stop shop for all your crypto needs (wallet, trading, spending, etc.)
- Many ways to earn interest, rewards and discounts
- Low privacy
- Customer service response time could be improved
Step 2: Buy a wallet (optional).
Wallets are a way to store crypto and offer much more security than online accounts. It allows you to have direct ownership of your assets. While it is not essential to have a wallet to purchase AUDIO, it can be a safer option.
Best Hardware Wallet: Ledger
Ledger is a hardware wallet that supports ERC-20 (AUDIO) tokens. It looks like a USB drive, but allows users to have physical storage of their assets. It is much safer than online exchanges because there is almost no risk of getting hacked.
Ledger currently offers 2 models of hardware wallets: the Nano S and the Nano X. The Nano S is much simpler and supports most of the basic functions. The Nano X is more advanced and offers more features, such as more storage space.
Step 3: Complete your purchase.
Once you have an exchange account or a funded wallet, you can complete your purchase. On an exchange, go to the token page. There will be an option to trade or buy the token.
If you have USD or other fiat currency on an exchange, you can simply select the amount you want to buy and execute the trade. If you are using a wallet, you can use the “Swap” function. Select the currency pair you want to use (USDT / AUDIO, ETH / AUDIO, etc.) and execute the trade. The full list of supported currencies can be found on coinmarketcap.
Keep an eye out for musical artists who use the Audius platform. A great artist supporting the project could have a major impact on the price.
Cryptocurrency Market Outlook
In early October 2021, several top economists said the cryptocurrency could cause major financial instability. They cited a lack of regulation for their opinions. This is very relevant to the ongoing conversation about the regulation of crypto. Countries like China have tried to ban all cryptocurrencies, while other countries are hesitant to even take a stand on the subject.
Either way, regulations surrounding crypto continue to be an issue and will have a major impact on cryptocurrency prices in the future. Check out the table below to see the current prices of major cryptocurrencies.
Is Audius (AUDIO) a good investment?
Audius is a unique project with an opportunity to revolutionize the music industry. However, it faces major competition from Spotify and Apple Music. The project is trying to break into a $ 13 billion-a-year industry.
Audius hopes to improve models created by other music streaming services. While it can make improvements to the current system in the music industry, it has the potential to be a force in both music and cryptography.
Benzinga has developed a specific methodology for classifying cryptocurrency exchanges and tools. We prioritized platforms based on offers, prices and promotions, customer service, mobile app, user experience and benefits, and security. To see a full breakdown of our methodology, please visit our Cryptocurrency Methodology page.
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