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Audius (AUDIO) Decentralized Music Platform Reaches 7.5M Users Despite $6M Hack

Audius (AUDIO) Decentralized Music Platform Reaches 7.5M Users Despite $6M Hack
© Copyright Image: DailyCoin.com

The most popular decentralized music streaming platform Audius (AUDIO) is unphased by the malevolent bear market. As CEO Roneil Rumburg explained the situation, Audius Network has seen “Growth continuing through this market cycle of sorts because the average Audius user is not even aware the crypto is there”. Hence, this allowed the Audius Project to reach an important milestone of 7.5 million active monthly users worldwide.

Audius (AUDIO) Shows Support For Music Artists

Being one of the most beautiful forms of art, the irony surrounding the music industry is beyond belief. Independent artists who sign to major labels are usually lured into massive loans, which are hard to pay back even with a couple of Platinum albums in a row. As if that wasn’t enough, major labels tend to take out life insurance on their roster members.

On the other hand, going independent might be trendy, but it comes with its own hardships. As music streaming giants like Spotify & Apple Music continue ripping off independent artists without much remorse, musicians around the globe are looking for a decentralized solution.

With a rather unconventional approach to the crypto world, Audius (AUDIO) music streaming platform might be the safe place for independent musicians. Ultimately, it’s one of the rare breeds of crypto platforms that are almost immune to the crypto bear market.

Over and beyond that, Audius (AUDIO) have launched a contest for artists to upload their videos in the creativity process. The only requirement is that a contestant needs to subscribe to Audius on Reddit. Moreover, the music streaming platform launched a grant system where upcoming artists can apply and receive a grant to fund album recording, setting up gigs or music videos.

The $6M Hack & A Full ATH Retrace Didn’t Stop Audius

As previously reported, Audius (AUDIO) music network suffered a $6 million hack, which was 18M of $AUDIO tokens at the time. At the time of publication, Audius (AUDIO) trades at $0.210593, according to CoinGecko. Almost fully retracing its ATH at $4.95 over a year ago, the decentralized music coin underwent another 24.9% decline since last month. However, crypto analysts Broski Crypto see a sound opportunity.

On the Flipside

Why You Should Care

Statistics provided by Data Metrics UG show that Audius (AUDIO) could cost $430 if it had the same market cap as the top crypto asset Bitcoin (BTC). Ultimately, this shows a lot of room for growth, especially knowing that the platform’s native coin had a full retrace from its ATH.

Read more: https://dailycoin.com/audius-audio-decentralized-music-platform-reaches-7-5m-users-despite-6m-hack/

Text source: DailyCoin.com

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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