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Audius, a web3 music streaming service, is introducing a new feature using which creators can monetize their content. On Tuesday, in a statement, the company explained that the new feature will allow users to pay tips to the artists.
To the uninitiated, established in 2018, Audius is deployed on Ethereum and SOL chains. The Web3 service provider has also collaborated with crypto game DeFi Land. The partnership aims to build a radio station in the metaverse. Famous artists such as Katy Perry, Pusha T and The Chainsmokers have raised funds for the firm. The funds are worth around $5 million.
Now, on Audius, users can tip any artist who chooses to publish their content with the governance token of the platform. It won’t matter if the artist has a big following or not. There are also rewards for users using which they can earn tokens by following artists, creating playlists and uploading songs. Moreover, in the near future, the platform intends to allow the option of tipping artists using fiat via credit cards.
It is also interesting to note that the Artists could also respond to the tip given by listeners. Artists can respond to a user’s tip with an emoji and show their gratitude. And the tip will also be displayed in their platform as well as the public ledger board.
Currently, the platform caters to 2,50,000 artists and 7 million listeners. The platform is open for these artists and they have the liberty to put out their content for their biggest fans. Roneil Rumburg, CEO and co-founder of Audius, the platform now plans to extend its services and lend support to artists in other ways.
Forrest Browning, co-founder and chief product officer of Audius, explains that their goal is not to lure a 100% fanbase from a different platform. Their aim is to attract maybe around “the top 10 most engaged superfans.” Browning further adds “We kind of see it as laying out the breadcrumbs to help our mainstream.” So that the Web2 audience can learn how to tip and hence, support their favorite artists in Web3 space.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
