TikTok partnered with the crypto-powered music platform Audius as many of today’s social media users find new music on TikTok so let’s read more in our latest crypto news.
This week, the leading social media platform paired with the crypto-powered music platform Audius which is also a streaming platform that is becoming one of the biggest decentralized consumer applications. The pairing is quite interesting considering that around a month ago, TikTok stepped in to restrict crypto content from the influencers and creators on the platform. The sharing feature on Tiktok went into effect already and it is giving upcoming artists exposure on the platform by enabling them to upload music in a matter of seconds.
Audius has a collection of over 100,000 artists including a huge EDM exposure with artists like Skrillex and Deadmau5. the platform was established in 2018 and utilizes Ethereum and Solana blockchains. Audius surpassed five million monthly users in the past two weeks which shows that the number was below a million in January and now it skyrocketed. Audius boasts an open network, governance on the platform, and security around the artist’s work, and the protocol even allows users to stake on the platform’s native token on the hosted services to earn more revenue. The new partnership opens the door for a new TikTok sound library.
As TikTok partnered with Audius, it will open the door for more music on the app and it represents the first major consumer-facing partnership for Audius and could open the door for an influx of the new music artists that will join the platform given the streamlined ability to dish out more content on TikTok. Unlike traditional streaming players like Spotify, creators don’t get paid on a per-stream basis. Audius provides the foundational infrastructure for the artists to monetize their work via NFT sales. The creators on the audius platform can be rewarded with the $AUDIO token and it also offers Hedgehog that is an open-source wallet that allows users to streamline dapp interaction.
With the new model of decentralization and incentive-alignment impact on the TikTok perspective on creators can increase but Tiktok has been slated as a creator-friendly platform allowing creators and influencers a streamlined process to connect with more brands and other partners for the paid content opportunities.
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