Katy Perry to Jason Derulo Invest in Crypto Music Platform Audius
Crypto rivals Spotify and Soundcloud secured a string of prominent backers in a new $5 million investment round.
Cryptocurrency-based music service Audius aims to offer a hybrid of streaming giant Spotify and sharing platform Soundcloud. The service has also improved in recent months through integration with TikTok and new NFT features.
Now popular musicians including Katy Perry, Nas and others have officially joined through a new round of investment.
Audius, which claims to have six million monthly active users, announced a star-studded $5 million round led by top musicians.
Some of them are Steve Aoki, Mike Shinoda of Linkin Park, Jason Derulo, Disclosure, The Chainsmokers, and Pusha T joining the above artists.
Katy Perry to Jason Derulo Invest in Crypto Music Platform Audius
Many of these artists have taken steps in the crypto industry. Shinoda, for example, already uses Audius to showcase his NFT collection with Disclosure), and has released his own NFT to fans.
Rapper Nas is an early Coinbase investor, The Chainsmokers have invested in various crypto startups, and Derulo is an investor in Recur-licensed NFT startup.
“I have known that blockchain will change the world since I invested in Coinbase five years ago and I believe it may be the most important technology the music industry has ever seen. Anyone who uploads to Audius can become an owner, you can't say that about other platforms," said Nas, in the release. "
Sound Ventures, the VC firm founded by Ashton Kutcher and Guy Oseary. He also participated in this round, alongside former Sony Music CEO Martin Bandier and other music industry investors.
All told, Audius has now raised $14.85 million in disclosed funding across multiple rounds since 2018.
Audius acts like a sort of music co-op, with a decentralized network model where users can earn AUDIO crypto token rewards for supporting the network. Songs uploaded to the service also have a record of origin, as they are all done on the blockchain.
About Audius
Audius was founded on Ethereum via a sidechain called the POA Network, but also recently implemented the Solana blockchain network.
The platform also includes a social networking component, and allows users to showcase their NFT collections, initially with Ethereum-based NFTs last spring, and more recently with Solana's NFTs as well.
In August, the Audius AUDIO token nearly doubled in value in a day thanks to its newly announced integration with the social video sharing app, TikTok.
Audius was the first to use TikTok's Sound Kit functionality to allow seamless song transfers into social apps.
source: coinvestasi.com
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