As blockchain technology becomes increasingly part of the mainstream conversation, its integration with the technologies most widely used today will inevitably increase. This means that it is only a matter of time before video streaming, digital music, and social media gradually blockchain integrations take place.
Audius (AUDIO) is a project that pursues the first mover advantage in music streaming. The music sharing and streaming protocol facilitates transactions between creators and listeners, making it relatively easy for users to distribute and monetize audio content.
The project has received increasing attention due to its approach to decentralizing the music industry. On March 2nd, the team celebrated reaching 3 million monthly active users.
Data from Cointelegraph Markets and TradingView show that the price of AUDIO has risen 108% since the beginning of March, from a low of $ 0.38 to a new all-time high of $ 0.79 on March 4th as the Altcoin trading volume rose from $ 3 Million has risen to a record $ 55 million.
AUDIO / USDT 4 hour chart. Source: TradingView
Incentives set user acceptance
The first major increase in users came after the start of the project in October 2020 and the activation of participation in the Audius platform in December. This enabled AUDIO holders to earn a 7% return on tokens deployed on the network while listening to music and interacting with the protocol.
By the end of January, the platform had 1.8 million active users and a total of 122 million AUDIO tokens on the network. Those numbers have since grown to 3 million users and a total of 182.5 million AUDIO staked as the platform continues to incorporate new features that encourage community participation.
VORTECS ™ data from Cointelegraph Markets Pro identified an optimistic outlook for AUDIO on February 28, ahead of the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS ™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets Pro
As can be seen in the graph above, the VORTECS ™ for AUDIO peaked at 69 on February 28th, shortly before the price began a sustained uptrend that continued on March 1st with a VORTECS ™ value of 80 was identified. After pulling it over the next three days, the score rose again to 70, just a few hours before the AUDIO price jumped significantly.
On March 5, the project revealed its plans to incorporate non-fungible tokens (NFT) into the protocol to offer a decentralized, full-service platform and expand the user base.
NFTs have become a hot topic in the cryptocurrency sector in the last few months, and their integration with the AUDIO platform is likely to lead to a renewed wave of interactions between users.
With blockchain technology gaining traction in mainstream society, Audius appears to be well positioned to be a leader in the market thanks to a rapidly growing user base and a growing list of incentives that encourage users to stay active on the platform The field of streaming music to become.
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