Cryptocurrencies are still in a very early phase. While Bitcoin and Ethereum are among the best-known forms, numerous other projects are emerging in the background. The focus has long since moved away from simply processing transactions. One example of this is the company Audius, which wants to drive the decentralization of the music industry with the AUDIO token.
Until now, it has often been difficult for artists and musicians to publish their works independently and thus be reimbursed for their work. Usually, a service provider is responsible for this and takes care of the distribution. AUDIO now allows independent artists to monetize their creations.
A decisive role in creating non-physical works is the sale of copyrights or their licenses. Here, artists usually hand over a high proportion of their income to the distributor and the music label. Similarly, shares in collaborations are difficult to calculate and pay out fairly. The digitalization of the music market is creating new opportunities to protect copyrights and market them independently. The blockchain and cryptocurrencies represent an essential building block here.
