TikTok partners with the cryptocurrency-based music platform Audius - Bitxcon
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TikTok partners with the cryptocurrency-based music platform...

TikTok partners with the cryptocurrency-based music platform Audius

A lot of young people who are using social media nowadays are finding new music on TikTok. Today, the most prominent social network has joined Audius which is a streaming platform that is fast becoming one of the most popular decentralized consumer apps.

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This is particularly fascinating because, just a month back, TikTok has taken additional measures to restrict cryptographic content from creators and influencers using the service. The sharing feature of TikTok is now in effect and will attempt to provide the possibility of promoting future artists on the platform, the ability to upload their music straight via Audius on to TikTok.

Audius is home to more than 100.000 artists which includes the biggest EDM exhibit, featuring artists like Skrillex as well as deadmau5. It was established in the year 2018 and was officially it was launched in 2019 and relies on its Ethereum as well as the Solana blockchains. Audius has also crossed the five million mark in the last few months; the amount was lower than 1 million as of January according to a Rolling Stone report.

Audius offers an open network as well as platform governance and security surrounding the work of the artist. The Audius protocol lets users use the native token of the platform on hosted services in order to earn revenue.

The partnership will open the doors to a newly created “TikTok Sound” library available on the social media application.

Find out more about Audius

The agreement that Audius has signed with TikTok represents the initial major collaboration with consumers to Audius and could allow for the influx of music stars flocking to TikTok due to the simplified capacity to publish the content available on TikTok.

Where do cryptocurrency become relevant? Contrary to traditional streaming services such as Spotify the creators of the music aren’t paid per stream. Audius instead, it provides the basic infrastructure to allow artists to earn money from their work, for example through NFT sales.

Creators who use the Audius platform are also recognized with the platform’s native token, $AUDIO.

Audius also provides Hedgehog as an “open-source client-side Ethereum wallet” that lets users make it easier for dApp interactions.

Do Audius decentralization and its incentive alignment model impact TikTok’s view of creators? TikTok is typically viewed as a platform that is friendly to creators using tools like The TikTok Creator Marketplace that gives creators and influencers to use a simplified process of connecting with companies and other partners to explore sponsored content possibilities.

Twitter and Reddit are two of the most aggressive social media platforms when it comes to engaging with cryptocurrency in recent times (both mostly through NFT). Could TikTok be a new significant player in this area? Tell us in the comment section below.

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