Pusha-T and Nas Invest In Spotify’s Rival, Audius, Which Is Built On Blockchain Tech

Rappers Pusha-T and Nas have jumped the bandwagon and followed the likes of Jason Derulo by investing in a new streaming platform, Audius, which is looking to rival Apple Music, Spotify, and Tidal.

The free-to-use streaming platform built on blockchain technology launched in 2018 and also supports NFTs or non-fungible tokens.

Last week the venture also announced a $5 million round of strategic funding.

“I believe [blockchains] might be the most important technology to ever hit the music industry,” Nas said in a statement. “Everyone who uploads to Audius can be an owner. You can’t say that about any other platform.”

Donato Sardella/Getty Images for Dior

Former Sony/ATV Music Publishing CEO Martin Bandier added: “The blockchain is enabling entirely new revenue streams for artists and creators, like NFTs, social currency, and curation.

“Audius is not only using the blockchain to add potentially significant revenue streams for artists, but it also allows them to cooperatively own the platform itself.”

According to Nerdwallet, a blockchain is a public digital ledger of transactions that records information to make it difficult to hack or alter.

The technology allows a secure way for individuals to deal directly with each other without an intermediary like a government, bank, or another third party.

But before this funding, Audius is revealed to have struck a trailblazing deal with TikTok where artists can directly upload their music to TikTok’s Sound Kit, according to the magazine.

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Abbianca Makoni

Abbianca Makoni is a content executive and writer at POCIT! She has years of experience reporting on critical issues affecting diverse communities around the globe.

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