Web3 music streaming service Audius to allow users to tip artists

Audius, a blockchain based music streaming service, built on the Ethereum and Solana chains was launched in 2018. It serves seven million listeners and 250,000 artists worldwide.

The platform is now planning to launch new ways of creator monetization. Earlier this year, Audius introduced a reward system for users where they could earn Audio tokens by following artists, creating playlists or uploading songs.

“We’re not trying to attract 100% of somebody’s fanbase from a different platform. We’re trying to attract maybe the top 10 most engaged superfans, the ones who will tip their favorite artists,” said Audius CPO and co-founder Forrest Browning.

With the upcoming update, fans will be able to use those tokens to tip their favorite artists. The company also plans to add support for external crypto wallets and fiat-currency tipping via credit cards in the coming months.

“We kind of see it as laying out the breadcrumbs to help our mainstream Web2 audience understand how to tip and how to support their favorite artists and also understand a Web3 ecosystem,” said Browning.

The feature also allows artists to react to their fans by showing thanks for their tips. The fan tips will also be displayed on the artists’ profile, as well as on a public leaderboard showcasing the artists’ biggest tippers.

Audius has been making significant steps in the Web3 music scene. In December 2021, the platform partnered with DeFi Land to create a radio station in the metaverse. In September, the platform raised $5 million from artists’ Katy Perry, Chainsmokers and Pusha T. In August, audius announced a partnership with video hosting platform TikTok, which helped Audio token surpass a market cap of $1 billion.

The Ethereum-based token has a Solana bridge. Currently Audio is trading at 39 cents with a market cap of $281 million.