As blockchain know-how more and more turns into a part of the mainstream dialog, its integration with immediately’s most used applied sciences is sure to extend. Which means that it is solely a matter of time earlier than video streaming, digital music and social media see gradual blockchain integrations happen.
Audius (AUDIO) is one venture that’s chasing the first-mover benefit within the music streaming sector. The music-sharing and streaming protocol facilitates transactions between creators and listeners, making it comparatively easy for customers to distribute and monetize audio content material.
The venture has obtained growing consideration for its method to decentralizing the music business and on March 2 the staff celebrated reaching 3 million month-to-month lively customers.
Knowledge from Cointelegraph Markets and TradingView reveals that the value of AUDIO surged 108% for the reason that begin of March from a low of $0.38 to a brand new all-time excessive of $0.79 on March 4 because the altcoin’s buying and selling quantity spiked from $3 million to a file $55 million.
AUDIO/USDT 4-hour chart. Supply: TradingView
Staking incentives drive person adoption
The primary main improve in customers adopted the venture’s October 2020 launch and the activation of staking on the Audius platform in December. This enabled AUDIO holders to earn a 7% yield for tokens that had been staked on the community whereas they listening to music and interacted with the protocol.
By the tip of January, the platform had 1.8 million lively customers and a complete of 122 million AUDIO tokens staked on the community. These figures have since elevated to three million customers and a complete of 182.5 million staked AUDIO because the platform continues to combine new options that incentivize group involvement.
VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for AUDIO on Feb. 28, previous to the current value rise.
The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mix of information factors together with market sentiment, buying and selling quantity, current value actions and Twitter exercise.
VORTECS™ Rating (inexperienced) vs. AUDIO value. Supply: Cointelegraph Markets Professional
As seen within the chart above, the VORTECS™ rating for AUDIO hit a peak of 69 on Feb. 28, simply earlier than the beginning of a chronic uptrend in value which was additional recognized by a VORTECS™ rating of 80 on March 1. After pulling again over the subsequent 3 days the rating once more spiked to 70, simply hours earlier than a big rise within the value of AUDIO.
On March 5, the venture revealed its plans to combine non-fungible tokens (NFT) into the protocol as a part of its effort to supply a full-service decentralized platform and develop its person base.
NFTs have grow to be a sizzling matter within the cryptocurrency sector in current months, and their integration into the AUDIO platform is more likely to deliver a renewed wave of interplay from customers.
As blockchain know-how continues to grow to be extra outstanding in mainstream society, Audius seems well-positioned to grow to be a frontrunner within the streaming music house due to a quickly increasing person base and a rising listing of incentives that entice customers to remain lively on the platform.
The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it’s best to conduct your individual analysis when making a choice.