Audius, a music streaming platform based on Web3 technology, has added a new capability that permits owners of NFTs to access tracks that are not available to the general public.
This feature enables musicians to transform their NFT collections into digital keys that unlock exclusive content.
This service extends to artists who do not own their own NFT collections, but rather, they can permit NFT holders from popular collections, like Bored Ape Yacht Club and CryptoPunks, to access their music.
How does it work?
Artists who upload exclusive tracks can adjust their availability settings to make them only accessible through NFTs. They can select which NFT collection will grant access to their tracks.
However, users must be familiar with Web3 applications since NFT owners must connect their Solana or Ethereum wallets to Audius to listen to these tracks.
Audius is a music streaming platform that got investments from Katy Perry, the Chainsmokers, and Lil Nas X. The platform was initially built on Ethereum but later migrated its content distribution platform to Solana.
The platform allows superfans to engage with their favorite artists by enabling creators to mint immutable records of their works on a blockchain secured by AUDIO stakers.
Recently, the platform made it easy for TikTok members to sign up with just one click and artists can effortlessly export Audius content onto the centralized short video platform.
Additionally, Audius has onboarded electronic artists, such as deadmau5, Brownies & Lemonade, and 3LAU, and has introduced a tipping feature that enables superfans to tip their favorite artists by using AUDIO.
Web3 platforms share ideals with the creator-driven economy
Investment in the creator economy has grown in recent years as Web3 platforms align with the principles of the booming content creation industry.
The Web3 principles align with decentralization and flexibility, which contrasts with the traditional approach of firms that have profited from the content on their platforms.
Spotify, a centralized music streaming platform and Audius competitor, declared that it would provide handpicked playlists to those who possess Flud, Overlord, Kingship, and Moonbirds NFTs. Despite this, the company has not pledged any additional Web3 investments.
Nonetheless, Spotify remains far ahead of Audius in terms of the number of subscribers, with 489 million subscribers, while Audius had reached only around 7.5 million users by September 2022.
Music and NFTs
This new feature of Audius will further strengthen the link between fans and artists, giving artists the opportunity to monetize their work through NFTs.
Though this feature requires familiarity with Web3 applications, it is a step towards Audius’s goal of enabling superfans to engage meaningfully with their favorite artists. It is yet to be seen how other streaming platforms will respond to this development.
Music is another great use case for NFTs, allowing artists and players to interact in a much more meaningful way.