how is the decentralized music platform that seeks to compete with Spotify

The goal of Audius (audio) is monetize streaming music and podcasts, which is available for any type of musical artist or communicator. Thanks to this philosophy, industry greats like Katy Perry and Jason Derulo have already invested in the project.

What is the function of Audius

As explained by Andriu Jose, Community manager of Audius in Spanish, the platform is very useful for the community of emerging artists, but also for great musicians who want to interact directly with their fan base.

Nowadays, people will be able to enjoy the music from more than 100 thousand artists, among which figures such as Skrillex, Weezer, Diplo, Disclosure and Steve Aoki stand out. Likewise, more than 4 million users access and interact with the platform.

It is common to find Audius among the outstanding projects of Web3 which, in addition, are related to the metaverse.

On this, Andriu Jose commented: “The true potential of Web3 lies in connecting technology with culture, creativity and music. As users discover and refine their approach to the Web3 space, we may see an explosion of interest similar to the exponential rise of the early Internet in the early 21st century.”

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In terms of how content creators monetize their work, the platform offers rewards with the AUDIO token to those who manage to appear in the weekly trending. That is, the monetization by reproduction is not yet active.

What is AUDIO token

The Whitepaper of the platform, which operates on the Ethereum networkwas published in 2020. However, the AUDIO token -in its Wrapped version- already allows users to send them quickly and with almost zero commissions to the Solana network.

Among the most important functions of the token is the ability for users to display their NFTs on their profile and link them to marketplaces where they are for sale. This option is unlocked for those who keep 100 $AUDIO in their wallet.

Also, as usual, the token also acts as a governance mechanismsince any change made in Audius must be approved by the user community.

For Jose, it is normal to see artists using Web2 platforms to share their work and earn money from it. Something that, according to him, has nothing wrong. However, his call is to expand the possibilities and share your work in decentralized solutions like Audius.

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