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Audius, a crypto music platform aspires to be a hybrid of streaming behemoth Spotify and sharing platform Soundcloud and its profile has increased in recent months as a consequence of integration with TikTok and the new NFT features.
A new round of funding has allowed popular artists such as Katy Perry, Nas, and others are considering investing in a crypto music platform, Audius.
Katy Perry, Jason Derulo, And Others Consider Investing In Audius
Audius, which claims to have six million monthly active users, announced today a $5 million round fronted by several notable musicians, including Steve Aoki, Linkin Park's Mike Shinoda, Jason Derulo, Disclosure, The Chainsmokers, and Pusha T.
Many of these artists have already begun to work in the cryptocurrency sector. Shinoda, for example, already utilizes Audius to display his NFT collections (along with Disclosure) and has sold his own NFTs to enthusiasts.
Rapper Nas was an early Coinbase investor, The Chainsmokers have invested in some crypto companies, and Derulo is a shareholder in licensed NFT firm Recur.
“I've known that blockchain will alter the world since I invested in Coinbase five years ago, and I believe it might be the most crucial technology to ever strike the music industry,” Nas said in a statement. No other platform allows everyone who uploads to Audius to be an owner."
Sound Ventures, the VC firm formed by Ashton Kutcher and Guy Oseary as well as former Sony Music CEO Martin Bandier and other music industry investors, participated in this round.
Audius raised a total of $14.85 million in reported financing since 2018.
Audius, A Crypto Music Platform Acquires $5 Million In Additional Investment
Audius functions in the same way as a music co-op with a decentralized network concept in which users receive AUDIO crypto token incentives for supporting the network.
Because everything is done on a blockchain, songs posted to the service have a timestamped record of origin.
Audius was created on Ethereum via a sidechain known as POA Network. Recently it has also adopted Solana - the blockchain network.
The site also contains a social networking component and allows users to exhibit their NFT collections - first with Ethereum-based NFTs last spring, and now with Solana NFTs as well.
In August, the value of Audius' AUDIO token nearly quadrupled in a single day as and recently announced connection with social video-sharing app TikTok.
Audius was the first company to use TikTok's Sound Kit capabilities to move tunes into the social app.
According to CoinGecko, the price of AUDIO increased by 23% in the previous 24 hours to $2.69.