Is Audius (AUDIO) a Good Investment?

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Contributor, Benzinga
October 14, 2021

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Audius

$0.132957*

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+3.38%

24H
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Audius (AUDIO) is a protocol that aims to connect music listeners and creators. It allows listeners to stream and distribute music using blockchain technology. It also allows listeners to directly pay creators. 

The music industry is among the largest in the world, accounting for billions of dollars a year. Audius is looking to capitalize on this and introduce crypto technology into the industry.

What is Audius (AUDIO)?

AUDIO is an ERC-20 governance token that powers the Audius protocol. It is built on an Ethereum compatible blockchain, similar to that of Polygon. It allows holders of the token to have a say in new projects, providing them with voting rights. 

Holders of the token can also stake their position to support the network and earn rewards. These rewards can be in the form of exclusive content or collectibles. 

The token can also be used by listeners to directly pay their favorite artists. This gets rid of the middleman that other platforms use when paying artists. Audius is a blockchain with hopes of greatly impacting the music industry. 

Audius (AUDIO) Price

AUDIO is currently trading at around $2.00, with a market cap of around $900 million. It saw highs of over $4.00 in March 2021 and several other jumps in price this year. It has also seen lows of around $0.10 in early 2021. 

Audius Competition

Because the music industry is so large, Audius faces some major competition. Some of the largest are Spotify and Apple Music. However, Audius aims to combat some of the major issues presented by other music streaming services. 

One of the largest issues is payment. Some estimate that only 12% of total revenue ends up in the hands of artists on major streaming platforms. Audius is hoping to provide creators with 90% of their total revenue, with the other 10% going towards network support. Audius is aiming to provide a more equitable system of payment in the music industry.

Audius is also looking to connect artists and fans. In addition to allowing fans to pay artists directly, it also offers remix competitions. These competitions allow fans to remix their favorite songs and showcase their work to artists.

How to Buy Audius (AUDIO).

Now that you understand the basics of Audius’ platform, you may be interested in buying AUDIO. Fortunately, purchasing the token is fairly simple. 

Step 1: Open an online account.

The first step to purchasing AUDIO is to open an online account. Online accounts are the easiest, but may not be the safest. If you are located outside of the U.S. FTX is a great option to purchase AUDIO. 

If you are in the U.S, Crypto.com is a great option. Make sure to properly research an exchange before opening an account. 

Step 2: Buy a wallet (optional). 

Wallets are a way to store crypto and offer much more security than online accounts. It allows you to have direct ownership of your assets. While having a wallet is not essential for purchasing AUDIO, it may be a safer option. 

Ledger Hardware Wallet
Best For
  • ERC-20 tokens
securely through Ledger Hardware Wallet's website

Best Hardware Wallet: Ledger

Ledger is a hardware wallet that supports ERC-20 tokens (AUDIO.) It looks like a USB stick, but allows users to have physical storage of their assets. It is much safer than online exchanges because there is almost no risk of getting hacked. 

Ledger currently offers 2 models of hardware wallets: the Nano S and the Nano X. The Nano S is much simpler and supports mostly basic functions. The Nano X is more advanced and offers more features, such as more storage space. 

Step 3: Make your purchase.

Once you have either a funded exchange account or wallet, you can make your purchase. On an exchange, navigate to the token’s page. There will be an option to either swap or purchase the token. 

If you have USD or other fiat currency on an exchange, you can simply select the amount you would like to purchase and execute the trade. If you are using a wallet, you can use the “Swap” feature. Select the currency pair you would like to use (USDT/AUDIO, ETH/AUDIO etc.) and execute the trade. The full list of supported currencies can be found on coinmarketcap

BZ

Bonus Section

Keep an eye on music artists that use Audius’ platform. A big artist supporting the project could have a major impact on the price.

Cryptocurrency Market Outlook

In early October 2021, several major economists stated that cryptocurrency could cause major financial instability. They cited a lack of regulation for their opinions. This is very relevant to the ongoing conversation over crypto regulation. Countries such as China have attempted to ban all cryptocurrencies, while other countries are hesitant to even take a stance on the topic. 

Either way, regulations surrounding crypto continue to be an issue and will have a major impact on the cryptocurrency prices moving forward. Check out the table below to see current prices of the top cryptocurrencies.

Is Audius (AUDIO) a Good Investment?

Audius is a unique project with an opportunity to revolutionize the music industry. However, it faces major competition from the likes of Spotify and Apple Music. The project is attempting to burst into a $13 billion a year industry. 

Audius hopes to improve upon the models other music streaming services have created. If it can provide the music industry with improvements to the current system, it has the potential to be a force in both music and crypto.

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Caden Pok

About Caden Pok

Caden has been involved with crypto since 2018, when he began investing, trading, and mining tokens. He took part in undergraduate research studying cryptoeconomics at the University of Michigan, where he will graduate Phi Beta Kappa with a bachelor’s in economics in 2025. He is experienced with DeFi technology and multiple blockchains, currently investing in Ethereum and Bitcoin.