As blockchain technology increasingly becomes a part of mainstream conversation, its integration with today’s most used technologies is inevitable.
This means it’s only a matter of time before video streaming, digital music, and social media see gradual blockchain integrations happening.
Audius (AUDIO) is a project chasing first mover advantage in the music streaming industry. The music sharing and streaming protocol facilitates transactions between content creators and listeners, making it relatively effortless for users to distribute and monetize audio content.
The project attracted increased attention with its approach to decentralizing the music industry, and on March 2, the team celebrated reaching 3 million monthly active users.
Data from Cointelegraph Markets and TradingView show that the AUDIO price has increased 108% since the beginning of March, with altcoin’s trading volume rising from $ 3 million to $ 55, to an all-time high of $ 0.39 on March 4th.
Staking incentives allow the user to adopt
The first massive increase in the number of users followed the October 2020 launch of the project and the activation of staking on the Audius platform in December. This enabled AUDIO holders to earn 7% returns for tokens staked on the network while listening to music and interacting with the protocol.
At the end of January, the platform had 1.8 million active users and a total of 122 million AUDIO tokens staked on the network. As the platform continues to integrate new features that encourage community engagement, these numbers have since grown to 3 million users and AUDIO with a total of 182.5 million shares.
On March 5, the project announced plans to integrate non-multiplicative tokens (NFT) into the protocol as part of an effort to offer a full-service decentralized platform and expand its user base.
NFTs have become a hot topic in the cryptocurrency industry in recent months, and their integration into the AUDIO platform is likely to bring a renewed wave of user interaction.
As blockchain technology continues to stand out in the mainstream society, Audius seems well positioned to be a leader in music streaming, thanks to a rapidly expanding user base and a growing list of incentives that encourage users to stay active on the platform.