It's been nearly a month ever since $AUDIO, an ERC20-based token by Audius launched. With a now-steady price of 0.13-0.14$ per token, its safe to say, the launch was succesful.
The story behind $AUDIO, and it's future.
With the initial drop of 50 mil. tokens to it's top 10k active users, I was one of them. While I was interested in crypto before, and have even participated in faucets trying to get some of the digital gold, Audius kickstarted it. Now, I own over 100$ in BCH, an amazing feat to me, that wouldn't have been possible without the help of Audius. And, I'm not alone in that. With many producers and DJ's cashing out far more, with some even apperantely getting 50k$, it's safe to say that people got a positive first exposure to the concept of crypto, as a whole.
With artists like Skrillex joining the platform after the launch, and Deadmau5 himself DJ'ing on the Mainnet celebration livestream over at Twitch.tv, Audius has essentialy spread the message of fair compensation being possible. By using a crypto token to do it, all of the people that wanted to get on the Audius train had to participate, even partially, in the crypto world. Going from a simple curiosity, to an object of interest, cryptocurrencies within the musician's world are here to stay forever.
But, none of this would have been possible without the help of one of the biggest exchanges in the world, Binance. On it's launch, Binance, using Binance Labs, has made a 1.25 mil$ strategic investment into $AUDIO, giving the token it's much needed exposure and trust. If Binance invests in it, everyone else wont be afraid to do so.
With it's current next step being setting up a cycle for distribution of tokens to its users, people await the results. If Audius plays it right, the momentum they have post-launch will only grow, and more producers will join onboard, possibly getting people outside of the electronic scene, particulary rappers.
Audius as a streaming platform itself.
As far I'm aware, Audius is a first-of-its-kind project for music. It's core is, and always will be a blockchain-based network. Using "Content" nodes and "Discovery" nodes, as described in the original launch white paper, to decentralize the core structure of the platform, it's doing things that weren't tried before. "Content" nodes handle the distribution of data, storage and streaming of the music to users, using their custom protocol, AudSP. So far, it has been working well, and no big issues arose post-mainnet launch and the giant migration of artists to the platform. "Discovery" nodes handle the actual metadata for songs, and use the said metadata for its discovery side of the platform, being represented by the "Feed", "Trending" and "Explore" pages, with the last one being particulary interesting for anyone interested in discovering music other from than the artists they usually follow, on the platform. With a decentralized aproach, Audius is definitely more failproof than any other centralized platform, which is also a good bonus to the overall experience.
The biggest key for the platforms success would be definitely promotion. If they can get well-known people outside of the electronic scene to promote it, their userbase will grow to much bigger levels, but if Audius does that is an another thing. All we can do is await for their moves, and their choices.
It's decentralization also allows other developers to build upon the tools Audius has created, but if this will ever get traction, to possibly support Audio NFTs (The example beign DAOrecords, which does so for a 10$ fee) straight from the platform and create other opportunities/options within the blockchain world, is so far only speculation. But, we can hope for it, and support Audius in it's mission of liberating the musician from the giant corporations which pay practically nothing if you aren't a complete, established giant. As a concept, Audius addresses the grievances musicians had for a long time, as a grassroots movement to finally bring change, using crypto as a means of doing so.
With artistic people now being aware of crypto beyond Bitcoin, if they were aware of it at all, I expect more platforms like Audius to launch. Specficially for not music, something to compete with Deviantart using cryptocurrencies. It's time that the whole creative scene gets a revolution like Audius created for musicians.
The future is crypto.
If you'd like to tip me with ETH feel free to send any ETH and tokens over to this address: 0xe200fe1caa09ec38f5dc3c8b7b298a2e99e9268d
Thanks for reading~!
[NOTE: This article is a repost of my own work over at read.cash.]