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3 million energetic customers assist raise Audius (AUDIO) to a brand new all-time excessive

03/06/2021

Audius value hit a brand new all-time excessive after the decentralized music streaming platform surpassed 3 million energetic customers and builders hinted at future NFT integrations.

As blockchain know-how more and more turns into a part of the mainstream dialog, its integration with at this time’s most used applied sciences is certain 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 challenge 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 challenge has acquired rising consideration for its strategy to decentralizing the music trade and on March 2 the workforce celebrated reaching 3 million month-to-month energetic customers. 

Knowledge from Cointelegraph Markets and TradingView exhibits that the worth of AUDIO surged 108% because the 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 enhance in customers adopted the challenge’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 energetic 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 neighborhood involvement.

VORTECS™ information from Cointelegraph Markets Professional started to detect a bullish outlook for AUDIO on Feb. 28, previous to the latest value rise.

The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of information factors together with market sentiment, buying and selling quantity, latest 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 protracted uptrend in value which was additional recognized by a VORTECS™ rating of 80 on March 1. After pulling again over the following 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 challenge 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 turn into a sizzling subject within the cryptocurrency sector in latest 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 turn into extra distinguished in mainstream society, Audius seems well-positioned to turn into a frontrunner within the streaming music house because of a quickly increasing person base and a rising listing of incentives that entice customers to remain energetic on the platform.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it is best to conduct your personal analysis when making a choice.