Music on the Blockchain? Whatever next…
Did we ever think that there would be a day when blockchain technology would extend beyond cryptocurrencies? Though distributed ledger technology has wide use even today, its most popular use is still in cryptocurrencies.
But proponents claim that blockchain can make everything, from the world wide web to banking, more decentralized. In this type of arrangement, users of any network would have the power to take a call on governance and related aspects. A centralized arrangement with big tech giants and financial institutions controlling all aspects might become a thing of the past, should blockchain tech truly take off.
In this light, a blockchain project Audius can be a close watch. The project envisions decentralizing the music industry. Let’s know more.
What is the Audius cryptocurrency?
Audius claims it can free the music industry from the clutches of powerful centralized labels. Audius offers a Solana blockchain-powered decentralized platform to artists and music lovers.
Here, an artist can release a song and create a fanbase, which Audius claims can grow into a long-term rewarding relationship. The platform offers streaming at 320 kbps, besides stating that services would remain free for artists.
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In the next phases, Audius plans to come out with fan tokens in order to let artists earn revenue. Unlike conventional streaming platforms where a central authority decides governance, Audius would leave it in the hands of users.
Audius crypto price
Audius is a high market crypto with a current supply of over 600 million AUDIO tokens. AUDIO serves as the native token, which the platform claims can be used in staking. The market cap as of now is nearly US$650 million, and the Audius crypto is trading at nearly US$1.07.
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Audius crypto’s price prediction
Audius suffered a deep plunge in value last month, but this decline can be attributed to the broader dip in the cryptocurrency world. From Bitcoin to Dogecoin, nearly all cryptos were under pressure.
The Audius crypto has gained over the past one week. The price that plunged to under US$0.8 is now back to over the US$1 level. The price has yet to reach the peak of over US$4, which Audius crypto attained in March 2021.
In June last year, Audius traded under US$0.7, but by mid-August it soared to US$3. By this measure, Audius crypto’s price prediction in the near-term may seem optimistic. It may soon be able to reach US$3, but for this, its decentralized streaming services would have to find more artists and users.
If the momentum sustains and other cryptos also gain, Audius may end 2022 with a price tag of US$5.
Also read: Top 5 Web 3.0 crypto projects to watch
Data provided by CoinMarketCap.com
Bottom line
Predicting the price of cryptos is not easy. Audius is working to decentralize music streaming. It may become a major Web 3.0 project in the coming days. If this happens, the price may gain from here on.
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