According to Web3 music supplier Audius, the non-fungible token (NFT) gating mechanism will allow artists to distribute unique content to NFT holders. This follows allegations that the streaming behemoth Spotify is experimenting with token-gated playlists.
Artists on Audius can “gate” their work by releasing their own NFTs, allowing only people who own the relevant collection of tokens to access it. Listeners can link their wallets to Audius to prove their NFT ownership and obtain access to B-sides, unreleased tracks, and other unique kinds of music.
Audius to engage fans by tipping and buying NFTs
Forrest Browning, Audius’ chief product officer and co-founder said that fostering more connections and deeper interactions between fans and artists has been a main focus of the firm from its inception. There will be many more ways to show an artist that you are a fan in the future, but purchasing one of their NFTs feels like a pretty significant statement right now.
Audius also wishes to assist artists who are active members of the NFT community but do not have their own collections. If an artist is a holder of another NFT or has an affinity for that NFT project, such as the well-known Bored Ape Yacht Club or CryptoPunks collections, they may fence their work using that NFT.
Audius has been working for the past year to include features that will improve fan interaction. Due to an upgrade to the company’s long-standing partnership with TikTok last month, Audius clients can now embed their favorite songs from the platform onto the social networking app. The company unveiled its tipping feature in July, allowing fans to “tip” their favorite singers in the platform’s native AUDIO currency.
Audius is on the decline this week
Audius’ pricing has declined by 16.18% in the last week. The price increased by 0.52% the day before. Over the previous hour, the price increased by 0.01%. The current cost per minute is CA$0.34. Audius has dropped 95.00% from its all-time high of CA$6.87.
What is Audius (AUDIO)?
Audius is a decentralized music-sharing network owned and operated equally by the community and artists (AUDIO). Thanks to this project, anyone can freely share, listen to, and profit from any audio. Audius seeks to create a blockchain-based alternative to current streaming services, allowing artists to publish, sell, and distribute their work directly to fans. Service providers, content consumers, and content creators all support the platform.
Content Source: coindesk.com
