Want to jump straight to the answer? You can buy Audius on Crypto.com!
Most cryptocurrency projects want to bring decentralization to whatever field they are working in. That’s just one of the most impactful benefits of blockchain technology. It has the power to make conventional technology more transparent, completely peer to peer and more efficient. Audius, an innovative protocol on Ethereum, wants to bring these advantages to music creation and distribution.
The music industry is rife with payment and management scandals, many of which could be completely avoided by using blockchain apps like Audius.
Many large streaming platforms have been accused of paying musicians far less than they deserve. Intermediaries like music labels, managers and agents are also often implicated in mistreating their clients. Audius believes that it is the solution to all these problems and more. It is a music streaming application on Ethereum and has some of its services on the Solana blockchain as well.
What is Audius?
Audius is a direct rival with music streaming platforms like Spotify, Apple Music and Soundcloud. It aims to compete with these platforms by providing a better experience for both users and musicians. The platform is already somewhat successful with EDM fans and up-and-coming hip-hop artists. The top artists on Audius include the illustrious rap producer Kenny Beats, Skrillex and MadeinTYO.
Audius wants to make it as easy as possible for everyone to distribute, monetize and stream any music on the platform. It does this by removing the often expensive and clunky intermediaries. Artists don’t need to deal with a record label, a manager or anyone else. Instead, they can just upload their music to the platform and users will find their work in the Explore or Trending tabs.
Artists are paid with Audius for every stream their songs get, and the rate per stream is much higher than top platforms like Spotify. Application developers can also build their own applications that interact with the protocol. A number of games and plugins built on top of Audius already exist.
Audius is an ERC-20 token and acts as the native cryptocurrency of the Audius application. It had 3 main functions within the ecosystem. It helps secure the platform, gives users access to certain features and is used as a governance token. There are 3 different groups that use the Audius token: artists, fans and node operators. Node operators stake Audius to help host and index the content on the site to earn tokens passively. Users can also get premium features by staking the token like the ability to proudly show off your NFT collectibles on the site.
Making music and running a node to contribute to the platform aren’t the only ways to earn Audius. Occasionally the platform airdrops some tokens to artists and fans who engage with the protocol the most. Artists can be rewarded with the token if they achieve one of a few goals like their song reaching the Top 5 Trending list on the platform.
Earning Audius tokens is not the best part of the application, however. Likely its best purpose is for up-and-coming artists and music fans looking for underground musicians to follow.
Brief History of Audius
Audius was founded in 2018 by 2 Stanford graduates, Roneil Rumberg and Forrest Browning. Later that year, the co-founders released the whitepaper detailing the upcoming Audius ecosystem and the technology behind it. The first smart contracts making up the platform were shipped soon after. Smart contracts are self-executing contracts written in code and give all the functionality of decentralized applications on Ethereum and similar blockchains (like Binance Smart Chain).
In early 2019, the closed alpha version of Audius was launched for early users to engage with and test the protocol. By the end of 2019, after all the major issues were resolved, the 1st testnet was launched.
The testnet version of the program was opened to the public and attracted more than 500,000 users per month. In October 2020, the mainnet Audius platform finally launched along with the Audius token. The project has already attracted a large number of investors to raise millions of dollars to help build and improve the protocol. Some of these investors include Coinbase Ventures, Binance Labs and Pantera Capital.
The price of Audius has been all over the map since its inception. It traded around $0.10 for months at the beginning of its existence before it started a massive run in January 2021. At the beginning of this March, it was selling for $0.40 and by the end of the month it had exploded to its all-time high of nearly $5. This almost 5,000% increase in 1 month is not necessarily unheard of for successful altcoins, but it's still incredible.
How to Buy Audius (AUDIO)
Looking for a quick-and-easy guide to purchasing AUDIO? Look no further than these simple steps.
- Open an online account.
Audius is a relatively popular altcoin and it's available on quite a few cryptocurrency trading platforms. Some of the best exchanges that offer AUDIO are Gemini and Crypto.com. Investors in the United States, where Binance.com is unavailable, should use Gemini. Before you can start trading on either of these platforms and nearly every other major exchange, you will need to verify your identity. This generally entails providing your address, Social Security number and a picture of your driver’s license or a different valid ID. Once your identity is verified, you can fund your account and make your Audius purchase.
- Buy a wallet (optional).
Security should be a major concern for anyone investing in cryptocurrencies. Unlike cash and other physical assets, it's not as straightforward to secure your cryptos. However, with the right device, you can use some of the same methods. With a hardware wallet, you can store your cryptos on it offline, safe from potential cyberattacks, and keep it in a safe for ultimate security. Software wallets have to keep some of your wallet information online so they are somewhat less secure than their hardware counterparts. It is possible to hack them and lose your funds, however, they are often considered a safer place to store cryptos than exchanges.
- Make your purchase.
Now that your exchange account is verified you will need to fund it. If you want to use a different cryptocurrency, you can just send it to your exchange account and swap it for Audius. You may need to swap it back to USD first if the exchange doesn’t have a pair with your crypto and Audius. You can also deposit fiat currency with an instant ACH deposit or a wire transfer.
After you deposit the funds, find the trading pair with Audius, set the price you want to buy at and make your purchase. After the trade completes, you may want to send your new crypto to a personal wallet for safekeeping.
Best Wallets for Audius
Now that you know how to buy Audius you need to know how to store it safely. Here are a few of the best cryptocurrency wallets available now:
Best Hardware Wallet: Ledger
Ledger is the leading hardware wallet brand with millions of users around the world. Ledger has 2 models of wallets: the Ledger Nano S and Ledger Nano X. The Nano S is the simpler model and is perfect for beginners looking to secure their cryptocurrencies. The Nano X has a few quality-of-life features added on like a larger screen and Bluetooth capability. Both wallets have the same certified secure chip that keeps your wallet’s information safe. The chip generates the wallet’s private key, encrypts it and never lets anyone access it. Ledger wallets support most of the top cryptocurrencies such as Bitcoin, Ethereum, Ripple, Dogecoin, all ERC-20 tokens (including Audius) and many more.
Best Software Wallet: Coinbase Wallet
Most advanced cryptocurrency investors have a software wallet in addition to a hardware wallet to get the best of both worlds. Hardware wallets are generally the best option for storing most of your cryptocurrency portfolio, but they can be a bit clunky for day-to-day use. Coinbase Wallet is one of the best software wallets available. It is available as a browser extension and a mobile application on Android and iOS.
The wallet supports many cryptocurrencies such as Bitcoin, Ethereum, Polygon, Ripple, all ERC-20 tokens (including AUDIO). The app has more functionality than most of its competitors with useful features like a collectibles tab to store your non fungible tokens, a DApp browser to interact with decentralized finance (DeFi) protocols and a tab to swap cryptos. Many users won’t need to set up accounts with any other crypto platforms with all the features the app has.
The future success of Audius will likely depend on a few major factors. If the crypto market as a whole enters a bear market again, Audius will likely suffer, too. If the market continues to rally, and Audius gains more widespread adoption, the token will likely perform well.
Trade, Sell or Convert your AUDIO
The price of Audius, like most altcoins, experiences relatively large price swings. Before investing in any volatile assets like Audius, you should know exactly how to close your position. Luckily, it's incredibly easy to sell your tokens.
First, if you sent them to a personal wallet or into the Audius platform, transfer them to the exchange account you bought them on. Then, find the trading pair you want to use with the token. Finally, set your price and finish your trade. You should consider moving your new assets to a personal wallet after you are done trading.
Current Crypto Prices
Many investors are bullish on cryptocurrency as an asset class heading into the end of 2021 and even into 2022. The market recovered from an over 50% dip this summer, and major cryptocurrencies like Bitcoin and Ethereum have recently seen new all-time highs. Cryptocurrencies trade 24 hours a day, 7 days a week, unlike the stock market. For this reason, it's a good idea to use a portfolio tracker to manage your investments. For up to date cryptocurrency prices, check out our cryptocurrency table below.
Is Audius a Good Investment?
Audius might be a good investment, but above anything, it is risky. Anyone who invested at the beginning of the token’s life span would be far in the green on their investment. If they sold anywhere near the token’s all-time high, they could have returned 40 times their original investment. Anyone who bought at the peak, however, would be down more than 40% at the time of writing. If the crypto market as a whole enters a bull market again and Audius gains more widespread adoption, it is possible that AUDIO will skyrocket again, but it isn’t certain.
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About Henry Stater
Henry is an expert in all things crypto. He stays up to date with all the latest coins, platforms and technologies in the field. He has particular expertise in the burgeoning decentralized finance ecosystem and loves trying out all the new platforms. He also always follows major events in other financial markets and geopolitics as a whole, especially when an event’s effects ripple through the crypto market.