TikTok Joins Forces with Crypto
When was the last time you scrolled on TikTok? 5 hours back or 5 minutes back? You don’t have to answer us. We all know.…
Author: Sudarsan Karki
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When was the last time you scrolled on TikTok? 5 hours back or 5 minutes back? You don’t have to answer us. We all know.…
When was the last time you scrolled on TikTok? 5 hours back or 5 minutes back?
You don’t have to answer us.
We all know.
From fancy celebrities to intellectual entrepreneurs, TikTok has captivated the eyes of an impressive 15 million daily active users and counting.
Ever since it was launched in 2017, TikTok has never failed to entertain us. It is the world’s most downloaded app for a reason.
With over 1 billion views per day by people from over 150 countries, TikTok has proven to be the most entertaining social media.
TikTok is mostly popular among teenagers. Statistics show that almost 40% of TikTok users are aged between 18 and 24. And we all know that teenagers love everything fresh and new!
So, it must be a consistent struggle for the 6,500 TikTok employees scattered around the world to make sure the loyal TikTok fans who spend approximately 850 minutes per month on the app are entertained.
TikTok is fully aware of that. To remain at the top, TikTok has entered previously forbidden territories- the crypto space.
In a public announcement made on Monday, Audius said it had partnered with TikTok in the creation of a new feature called TikTok Sounds.
This makes Audius one of the first streaming platforms to partner with TikTok allowing users to directly share tracks to TikTok.
This partnership will allow users to export songs created with Audius to TikTok with one click, in a bid to streamline the process.
So, what exactly is Audius?
Audius is a fully decentralized music streaming protocol built on Ethereum and Solana blockchain that promises to change the entire music landscape once and for all.
Audius fights for a reason.
It argues that music artists have become victims of intermediaries and middlemen ever since time immemorial. They have minimal control over how their music is distributed. When it comes to revenue, music artists get a very thin slice of the cake. At a time when NFL players and NBA players lay hold of almost 50% of the total revenue, music artists are stuck with less than 15%.
Audius wants to change this scenario. It wants to break the traditional network of intermediaries and middlemen and give value back to the original artists.
The mission of Audius is to provide everyone the freedom to distribute, monetize, and stream any audio content. It has attempted to establish a direct triangular relationship among music artists, node operators, and fans in an incentive-aligned manner.
Audius works with the following beliefs:
- Music artists should be compensated in accordance to the value they create for the network
- Music artists should have a direct platform to directly engage with and transact with their fans
- Prices and earnings should be consistent, predictable, and transparent
- Access should be democratized
The platform that allows artists to distribute to and get paid directly from their fans consists of the following components:
- An efficient token economy powered by the Audius platform token ($AUDIO), 3rd-party stablecoins, and artist tokens
- Decentralized storage solution and ledger for sharing audio and metadata
- A unique track encryption scheme paired with a programmable mechanism to unlock user-specific proxy re-encryption keys for content
This is a brand new opportunity for independent music artists around the world who now get to upload their music directly to TikTok
But guess what?
Many people don’t even know what the heck Audius is.
As per Audius co-founder and chief product officer Forrest Browning, roughly 95% of Audius users,
have no idea that blockchain is even involved.
Although AUDIO token holders and the entire crypto community is glad that TikTok has joined the bandwagon, it seems that this TikTok-Audius partnership is more about music instead of promoting the use case of cryptocurrency.
It is quite surprising to see TikTok partner with a crypto-powered project given the app’s announcement to ban cryptocurrency based promotional content as well as “the promotion of all financial services and products” in July.
Some sources say that Audius owners had a good personal relationship with the insiders of TikTok. So, they used their PR to bag the partnership.
Whatever the reasons are, TikTok has played its part in contributing to spread cryptocurrency knowledge. Many Dogecoin (DOGE) investors learned about the meme-based cryptocurrency from TikTok videos making the rounds last year.
As Audius looks promising as the best possible decentralized alternative to Spotify and SoundCloud, we are yet to see how this will play out in favour of $AUDIO and the entire crypto community.
With roughly 5 million active users as of now, Audius indeed has a long journey ahead before it can be the world’s leading music streaming platform.
But, this all boils down to one thing — are music artists willing to take a leap of faith and start using Audius? Popular EDM artists like deadmou5 and RAC already support Audius. We just need more mainstream artists to join Audius and support the movement.
© Sudarsan Karki 2022 All Rights Reserved
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