Blockchain Music Service Audius to Allow Users to Tip Artists Using Audio Token
The Ethereum and Solana-based streaming service will allow fans to send their favorite creators the platform’s governance token.
Web3 music streaming service Audius is offering a new feature for creators to monetize their content by allowing listeners to send tips to artists, the company said Tuesday.
With audio, the governance token of the Audius platform, users can send tips to any artist who publishes their music on the platform, whether they have a large following or not.
Audius, a platform serving seven million listeners and 250,000 artists, caters to artists who want to share their most exclusive content for their biggest fans on the blockchain. Now, it’s taking the platform it has grown since 2018 in the direction of creator monetization to support artists in new ways, Audius co-founder and CEO Roneil Rumburg told CoinDesk.
“We're not necessarily trying to attract 100% of somebody's fan base from a different platform. We're trying to attract maybe the top 10 most engaged superfans,” the ones who will tip their favorite artists, said Forrest Browning, Audius co-founder and chief product officer.
Earlier this year, Audius introduced audio rewards for users to earn tokens by following artists, creating playlists or uploading songs. Fans can now use those tokens to send tips to artists, or connect an external crypto wallet. Audius plans to allow tipping in fiat currency via credit cards in the coming months, according to Browning.
“We kind of see it as laying out the breadcrumbs to help our mainstream, Web2 audience start to understand how to tip and how to support their favorite artists and a Web3 ecosystem,” said Browning.
But tipping isn’t just a one-way street. Artists can react to fans’ tips with emojis to show their thanks. And fans’ tips will display in their profile, as well as on a public leaderboard for artists’ biggest tippers.
Audius, built on the Ethereum and Solana chains, has been making significant strides in the Web3 music scene. In December, the streaming platform partnered with crypto game DeFi Land to create a radio station in the metaverse. In September, the platform raised $5 million from musicians Katy Perry, The Chainsmokers and Pusha T.
The audio token is Ethereum-based, but has a Solana bridge for transaction speed and cost efficiency. According to data from CoinGecko, the token currently trades at 39 cents with a market cap of $281 million. In August, its market cap surpassed $1 billion following the announcement of its TikTok collaboration.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.