Decentralized music streaming is an upbeat trend and we can tell that from Audius performance. Its price hit a new all-time high with over 3 million active users. The developers of the platform also plan to integrate NFT.
The rise of Audius
There is no doubt that it is just a matter of time that blockchain technology will be used in almost every industry or application. The music industry is not left behind either as there is a rise of integrations in video streaming, digital music and social media.
Audius is one of the platforms that that is integrating blockchain to music streaming sector. Through the project, it is easy to share music and do transactions between music creators and listeners. It makes it easy to distribute and monetize music content. Since it is working on music decentralization, it has received immense attention and on 2nd March it hit three million active users. This was followed by a price surge of 108% from $0.38 to $0.79 from beginning of March in a span of three days. The performance made the trading volume attain a record of $55 million.
Staking incentive strategy
The project was launched in October 2020 and staking activated in December. This largely contributed to its first phase of growth. Investors who staked the altcoin got a 7% profit on al tokens that they had staked in the network.
The number of AUDIO tokens staked grew rapidly to 122 million tokens by the end of January with 1.8 million active users. By March, the numbers have increased to 182.5 million staked tokens and three million users. The platform is undergoing improvements to integrate new features to encourage community involvement.
According to VORTECS data from Cointelegraph Markets Pro, Audius is showing a bullish trend. This is detected from the history and current market conditions from different data points.
From VORTECS score, AUDIO started its bullish trend on Feb 28th when its score hit a peak of 69. This was followed by an increased in price which pushed the score to 80 on March 1. The next three days made the score 70, just before its significant price increase to an all-time high.
On Mach 5th, the project announced its plan to integrate NFT as a strategy as it works on launching a fully decentralized platform.
It is clear that Audius has positioned itself well to meet the market need of the music streaming sector. Further growth is expected with time.