Audius Launches USDC Payments for Artists, Ending Beta Phase

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As a seasoned crypto investor and music enthusiast with roots deeply entrenched in both worlds, I find Audius’s recent move to be nothing short of revolutionary. Having watched the evolution of blockchain technology and its potential applications over the years, it’s fascinating to see platforms like Audius take bold steps towards decentralization and artist empowerment.

Audius is venturing into the realm of Web3 innovation by enabling artists to receive direct payments in a stable digital currency, notably USD Coin (USDC). This move, announced on September 25, signifies the conclusion of Audius’s private beta stage, which began in November.

On Audius, artists now possess the autonomy to set their own prices, empowering fans to make direct payments using credit cards in the form of USDC. This versatility provides musicians with the ability to exchange their earnings into any desired currency.

Significantly, 10% of every transaction will be directed towards the Audius community’s common fund, establishing a novel revenue-distribution system that gives users a say in how these funds are managed and allocated.

The platform has successfully drawn indie labels such as DistroKid, EMPIRE, and Ninja Tune. These independent labels utilize Audius to optimally benefit from its exclusive features, aiding their artists. Moreover, Audius has established partnerships with prominent rights organizations including Kobalt, ASCAP, BMI, and SESAC, thereby strengthening its standing within the music industry.

Earlier, Rumburg articulated his idea of a music industry model based on decentralization, AI, and active community participation. With Audius expanding, it’s creating competition for traditional heavyweights like Spotify and Apple Music, potentially leading to a more artist-focused era in the realm of streaming music.

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2024-09-26 13:46