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.
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