As Blockchain technology increasingly becomes part of the mainstream conversation, its integration with today’s most widely used technologies is sure to increase. This means that it is only a matter of time before streaming video, digital music, and social media see gradual blockchain integrations taking place.
Audius (AUDIO) is a project that pursues the pioneer advantage in the music streaming industry. The music streaming protocol facilitates transactions between creators and listeners, making it relatively easy for users to distribute and monetize audio content.
The project has received increasing attention for its approach to decentralizing the music industry. and on March 2, the team celebrated having reached 3 million monthly active users.
Data of Cointelegraph Markets Y TradingView show that AUDIO price increased 108% from the beginning of March from a low of USD 0.38 to a new all-time high of USD 0.79 on March 4, as the altcoin’s trading volume soared from $ 3 million to a record $ 55 million.
Staking incentives drive user adoption
The first significant increase in users followed the launch of the project in October 2020 and the activation of participation on the Audius platform in December. This allowed AUDIO holders to obtain un 7% yield for tokens blocked on the network while listening to music and interacting with the protocol.
At the end of January, the platform had 1.8 million active users and a total of 122 million AUDIO tokens blocked on the network. Since then, these figures have increased to 3 million users and a total of 182.5 million AUDIO staking, as the platform continues to integrate new functions that encourage community participation.
VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AUDIO on February 28, ahead of the recent price surge.
The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and activity in Twitter
As seen in the graphic above, the VORTECS ™ score for AUDIO peaked at 69 on February 28, just before the start of a prolonged uptrend in price that was identified with a VORTECS ™ score of 80 on March 1. In the next 3 days, the score rose again to 70, just hours before a significant increase in the price of AUDIO.
On March 5, the project revealed its plans to integrate non-fungible tokens (NFTs) into the protocol as part of its effort to offer a full-service decentralized platform and expand its user base.
NFTs have become a very popular topic in the cryptocurrency sector in recent months, and their integration into the AUDIO platform is likely to bring a new wave of user interaction.
As blockchain technology continues to gain prominence in mainstream society, Audius appears to be well positioned to become a leader in the music streaming space thanks to a rapidly expanding user base and a growing list of incentives that attract users to remain active on the platform.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Each investment and trade movement involves a risk, you must carry out your own research when making a decision.