Crypto music streaming platform Audius airdrops 55M tokens to creators and listeners

Crypto music streaming platform Audius and decentralized version of Spotify has retroactively airdropped its AUDIO token to creators.

By · Oct 28, 2020 . 6min read

Audius airdrops 55M tokens latest news

Crypto-powered music streaming platform Audius which touts itself as a better and decentralized version of Spotify has retroactively airdropped its AUDIO token which it recently released on mainnet.

Audius distributed 5.5% of the AUDIO total supply to its top 10,000 artistes and fans. That sums up to 55,000,000 of the 1 billion total supply. AUDIO is the governance token for the Audius platform affording holders voting rights on the crypto-powered music streaming protocol.

Democratizing the music industry and its ecosystem is Audius’ underlying philosophy behind its establishment. Using blockchain technology, Audius democratizes access to music streaming by removing the barriers middlemen usually infuse into the music distribution process.

Nonetheless, for now, AUDIO token utility revolves around gaining access to Audium Discord channel and staking. At the moment, AUDIO holders have staked about $1.4 million.

To celebrate the mainnet launch, Audius team launched a Twitch featuring famous Grammy award-winning DJ – RAC who has also launched his own RAC token. Audius featured Deadmau5 alongside RAC in the launch stream. Meanwhile, both RAC and Deadmau5 serve as advisors to the Audius project.

For the token distribution among the various stakeholders, Audius team controls close to half of total supply. While the team will directly control 40.6% of total token supply, a foundation controls 17.8% for the community.

Binance Labs, Standard Crypto, Hack VC, and Free Co are among the crop of investors in Audius project. Moreover, 36% of AUDIO tokens are earmarked for investors.

Audius airdrop could fuel hypergrowth of an already expanding platform.

There have been many attempts at creating a decentralized music streaming platform that can rival behemoths like Spotify. Many are already existing like Emanate, Dsound, Musicoin or even iMusify. However, Audius can be described as mostly successful, especially with investments from heavyweights like Binance Labs and attracting talents like RAC.

Moreso, since launching last year, it has attracted close to 750,000 monthly active users generating about a million stream monthly. For September and October alone, Audius generated more than 32 million API calls and 848,000 monthly unique users.

As at press time, AUDIO is trading around $0.11 down by 26% within the last 24 hours according to data from CoinGecko.

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