Music app

Crypto Music Audius App Now Features Ethereum and Solana NFTs

In short

  • Audius, a decentralized music streaming and sharing service, now allows users to view NFT collectibles owned by Solana.
  • The development of Solana has accelerated recently, with a series of NFT and decentralized finance (DeFi) initiatives emerging as the price of the SOL coin increases.

Ethereum Rival Solana is booming, making waves with its cryptocurrency price surge and the rise of NFT and decentralized finance activity — and Audius, a crypto-powered music service, is taking notice.

Today, the project announced that its users can now view their Solana NFT on the platform via an exclusive integration with Phantoma popular Solana wallet.

Audius is an up-and-coming music streaming service that provides an alternative to space-heavy players like Spotify and Apple Music via a decentralized approach that hosts tracks on distributed nodes, rewarding users for supporting the network. And like many recent crypto projects, Audius has adopted NFT.

However, the platform does not try to sell the potentially valuable crypto collectibles. Instead, it added support for users to display their own NFT collections on their respective profile pages. Until now, users could only view minted NFTs on Ethereumthe leading platform for tokenized collectibles.

A NFT acts like a receipt for a digital item and can take the form of a still image, animated GIF, video clip, or even a musical composition. The NFT market exploded in early 2021, generating $2.5 billion in trading volume in the first half of the year. However, NFT activity has picked up further lately, with leading marketplace OpenSea processing over $3.4 billion in trading volume in August alone.

Screenshot of NFT collectibles on Audius.

As for the previous Ethereum NFT integration, Audius members who have a “Silver Tier” account – those who hold at least 100 of the AUDIO governance token – can connect their Phantom wallet to view Solana NFTs on the site. It’s basically an online gallery for showcasing personal NFT collectibles, rather than a marketplace.

“As we continue to migrate elements of Audius to Solana, it’s important that we integrate deeply and natively with this large user base,” said Forrest Browning, co-founder and chief product officer of Audius. Decrypt. “And for a project like Audius, where we consider great user experience to be absolutely paramount, frankly, the experience with Phantom is far better than anything you would get with Metamask.”

“We are happy to see more NFTs deciding to launch on Solana,” he added, “because I think ultimately it opens the door for widespread adoption by a non-crypto crowd. -native”.

Audius is functionally like a hybrid between a music streaming service (Spotify) and a music sharing platform (Soundcloud), but with a blockchain-based model that sees songs hosted on an array of nodes operated by the ‘user. AUDIO governance and staking currently takes place on Ethereum, although Audius plans announced in October 2020 to begin migrating its network to competing blockchain Solana to “help scale” the service.

According to Browning, Audius NFT galleries have been a popular way for musicians to showcase their collections, and well-known artists such as Linkin Park’s Mike Shinoda, Disclosureand Francois Dillon tapped into functionality. Shinoda, for example, apparently owns several of the popular Bored Ape Yacht Club NFT.

Solana has been dubbed a potential “Ethereum killer” for how it improves on some of the platform’s current shortcomings. While Ethereum regularly gets bogged down in network congestion, increasing transaction fees, the more energy-efficient Solana claims to be able to handle thousands more transactions per second than Ethereum.

Over the past few weeks, the value of Solana’s SOL cryptocurrency has skyrocketed. It’s up 279% in the last 30 days, according to CoinGeckoand its current price above $126 is close to the all-time high set earlier this week.

NFT collections have been popping up on Solana lately, such as Degenerate Ape Academy and Dawn, and have collectively generated tens of millions of dollars in trading volume on the platform. Additionally, DeFi activity on Solana is increasing, meaning that a growing number of Solana holders are now using apps on the network to trade, borrow, and lend SOL and Solana-based tokens without third-party intermediaries.

There are currently nearly $3.5 billion in funds locked in Solana DeFi protocols, according to data from DeFi Llama, up from $1.2 billion in early August. However, Ethereum DeFi protocols currently have $126 billion in assets locked.

Audius, meanwhile, has seen a surge in activity around the platform after announcing a integration with social media app TikTok last month. The AUDIO token more than doubled in value over the course of a day, and is currently up 137% over the past 30 days, according to CoinGecko. Audius says it has added nearly one million more users since that August 16 news, today announcing a new milestone of six million monthly active users.

https://decrypt.co/80086/crypto-music-app-audius-ethereum-solana-nfts

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