This Undervalued Altcoin Is Disrupting The Music Industry, Says Crypto Strategist Ben Armstrong
Top analyst Ben Armstrong from Bitboy Crypto shares a blockchain-based streaming music service with huge potential growth and going to be the future of the music industry.
Audius (AUDIO) bills itself as the “world’s first decentralized music streaming platform.” The project has been designed from the ground up to give musicians and other creators increased freedom, control, and flexibility when it comes to their own musical creations and the communities of fans surrounding them.
$AUDIO is a utility token that was released alongside the mainnet in October 2020. The AUDIO token will eventually allow musicians and other creators to monetize their own creations in both traditional and new ways.
Recently, Audius hit a major milestone on Thursday, as five million people a month now use the platform to stream music, making it one of the largest consumer applications on any blockchain.
Audius uses the $AUDIO token to align financial incentives with governance in an effort to consistently increase the usage of the protocol and the create a long-term value in the protocol.
According to the trader, the $AUDIO token was created with three methods of functionality within the protocol, with each unlocked by staking. These three methods are: Security, Feature access, and Governance.
Audius tokens can be staked in order to provide collateral for value-added services on the network. In exchange for this, the stakers receive several benefits which include access to exclusive features, governance rights, and a portion of the ongoing issuance of AUDIO tokens.
Recent price action
Audius protocol has a current circulation of 120 million AUDIO coins and a total supply of 1 billion tokens. In October of 2020, Audius distributed $8 million in their native token AUDIO, with the majority of the tokens given to artists and content creators on Audius.
The music token achieved a record high of U$4.99 apiece in late March 2021. However, the token dropped below US$ 1 apiece following the May 19 crypto crash. At the press time, AUDIO was trading at $1.56.
As both THETA and AUDIO have 1 billion tokens in circulation and similar incentives to staking and creating nodes, Armstrong says that AUDIO can follow THETA price movements:
“The price of THETA had its turbo boosters on at the beginning of the 2021 bull run. In December, THETA was trading at 68¢. By March, the price had skyrocketed to $12. It reached an all-time high of $14.28. That’s a pretty solid return on investment!”