Prices for AUDIO, the governance token of decentralized music streaming protocol Audius, nearly doubled in the past 24 hours, pushing its market capitalization above $1 billion for the first time.
This sudden surge happened after Audius announced a partnership with popular short-form video application TikTok.
Data from CoinMarketCap shows that AUDIO’s price reached a high of $4.04. On August 16, it was at $1.60.
According to the Audius’ analytical dashboard, there is currently over $298 million of AUDIO being staked on the protocol.
As of August 2021, there were a total of over 5 million unique users, a relatively impressive metric especially considering this is a blockchain based platform. It claims to be the most used decentralized consumer app, and its daily active users hovers around 160,000 DAU.
On Tuesday (August 17) Audius announced a partnership with TikTok that allows users to directly share tracks to the popular short-form video app.
Audius said it had partnered with TikTok in the creation of a new feature called TikTok Sounds, in its announcement on Twitter.
Featured Image Credit: Insight Music
Also Read: TikTok Announces Blockchain-Powered Music Platform Audius As First Streaming Partner