Distribution of AUDIO Tokens: A New Era for Artists and Fans
The music streaming landscape has been shaken up as Audius retroactively distributed a whopping 50 million of its native AUDIO tokens to both artists and listeners. This exhilarating move coincided with the launch of the AUDIO governance token on the Audius mainnet, where 5% of its initial one billion tokens found their way to the top 10,000 artists and fans. Talk about a way to say thanks for all the music!
The Governance Token: Empowering Creativity
Audius isn’t just handing out tokens for the sake of it; they are encouraging a new culture of engagement by granting content creators and listeners voting rights on how the platform evolves. This is a step towards a more decentralized future in music, employing blockchain technology to enhance transparency and lessen the influence of those pesky middle-men in the music supply chain.
Current Uses of AUDIO Tokens
At present, AUDIO tokens have a couple of practical uses (but it’s better than just collecting dust):
- Access to an exclusive Discord channel – because who doesn’t want to rub virtual shoulders with their favorite artists?
- Staking opportunities – with 1.4 million AUDIO tokens currently locked away, it seems like some folks are serious about their crypto investments!
Token Distribution Breakdown: Fair or Foul?
Let’s dig deeper into how these tokens are distributed. An interesting algorithm determined that 75% of the issued tokens would go to artists based on the number of streams they racked up. Meanwhile, follower counts garnered another 10%—because popularity contests are still alive and well. The remaining 15% was divvied up based on user favorites: 5% for playlists, 5% for songs reposted, and another 5% for songs favorited.
Opportunities and Allocations
Now, here’s where things get murky: a hefty 40.6% of AUDIO’s supply has been earmarked for the Audius team and advisors, including the big hitters like Deadmau5 and RAC. Another 36% is aimed at investors, while a more modest 17.8% will flow into a community-governed treasury. Not too shabby!
Airdrop Valuation: Music to Our Wallets
Valued at approximately $8 million, the airdrop saw AUDIO tokens trading at around $0.16. The trading activity is lively, with a reported 24-hour volume of $6.6 million, 86% of which changed hands on a major exchange. This music project is making waves, not just in melodies but in crypto markets!
Changes on the Horizon
Looking ahead, Audius is setting the stage for continuous growth. The token supply is set to inflate by 7% each year to keep the rewards flowing. Additionally, Audius has plans to incorporate third-party stablecoins into its ecosystem, and they’re excited about the potential for creators to mint their own “artist tokens” on Ethereum for unique fan interactions. Keep your headphones on, folks; this is just the beginning!
