Note: This is not financial advice. This is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class; only invest what you can afford to lose.
"How to buy Audius" is the question that's blowing up on the Internet. Rapper Nas, songstress Katy Perry, pop star Jason Derulo put Audius on the map after they made headlines for investing in the blockchain-based music platform. So what, exactly, is Audius? It's a decentralized music-streaming service with social media features that aims to use the network's native token, AUDIO, to facilitate fun, engaging interactions between creators and fans.
For example, with AUDIO tokens, users can unlock premium features and gated content. AUDIO is also used to secure and validate transactions on the network. As a cherry on top, AUDIO owners have the ability to propose protocol changes and vote on important issues concerning the blockchain.
That being said, if you're excited about what Audius could potentially offer in the music realm as well as the cryptocurrency space, you can take a risky plunge into purchasing some AUDIO tokens. Don't worry. We've got an easy, step-by-step tutorial on how to buy AUDIO.
How to buy Audius coin
To invest in Audius, you'll need two things: a KuCoin account and a Metamask wallet. You can create a KuCoin account here and download the Metamask wallet from the Google Chrome store (Here's how to set up a Metamask wallet). You'll also need to make sure that you have Ethereum in your Metamask wallet to pay for gas fees (as of this writing, the ETH gas fee is $16).
Next, in order to purchase AUDIO, you'll need to buy a stablecoin called USDT (Tether) and then swap it for AUDIO on a popular decentralized exchange called 1inch. Let's get started!
1. Log into your KuCoin account and click on Buy Crypto > Credit/Debit Card.
2. Next, under I Want to Spend, click on your currency (We'll use USD in this example). Under I Want to Buy, click on USDT from the drop-down menu.
3. Next, choose your payment method as well as your payment channel.
4. Tick the disclaimer and click on Confirm. Follow the prompts to complete your purchase of USDT.
5. Go to Assets > Trading Account to confirm that you have USDT in your KuCoin account. Don't worry if you don't see it right away. It will take a few minutes.
6. Once your USDT appears, click on Transfer.
7. A new window will appear. Make sure that the direction is Trading Account > Main Account. Next, click on your total USDT amount (highlighted in blue). Click Confirm. Now your USDT should be in your Main Account.
8. Keep KuCoin open for now. We'll take a short trip to Metamask.
9. Open your Metamask wallet. Make sure Ethereum Mainnet is selected at the top. Under "Ethereum Mainnet," click on your wallet address, which should automatically copy to Clipboard. Click on Add Token, type in USDT and click on it.
9. Go back to KuCoin. Go to Main Account under Assets. Click on Withdraw next to your USDT.
10. Paste the copied wallet address, select ERC-20 under Network, tap on Max under USDT amount, and leave Remark blank. Click on Confirm. Follow the prompts and security checks to complete the transaction. Now your USDT should be in your Metamask wallet. Again, you may have to wait a few minutes for it to arrive.
10. Go to the 1inch decentralized exchange here. Click on Connect followed by Ethereum and Metamask. Follow the prompts to connect your Metamask wallet.
11. On 1inch's made page, type in USDT under "From" and AUDIO under "To."
12. Click on the blue "Max" button (this will ensure all your USDT gets swapped for AUDIO).
13. Click on Swap followed by Confirm Swap. The Metamask wallet window will pop up and ask you to accept the transaction. After following the prompts, you should now have AUDIO.
It will take some time for the AUDIO tokens to arrive in your Metamask wallet, so don't freak out if it doesn't appear right away. In order to see your AUDIO tokens, make sure to click on "Add Tokens" in your Metamask Wallet, type in AUDIO and click on it.
Remember that cryptocurrencies are a highly volatile asset class. Make sure to exercise proper risk management before purchasing AUDIO.
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Kimberly Gedeon, holding a Master's degree in International Journalism, launched her career as a journalist for MadameNoire's business beat in 2013. She loved translating stuffy stories about the economy, personal finance and investing into digestible, easy-to-understand, entertaining stories for young women of color. During her time on the business beat, she discovered her passion for tech as she dove into articles about tech entrepreneurship, the Consumer Electronics Show (CES) and the latest tablets. After eight years of freelancing, dabbling in a myriad of beats, she's finally found a home at Laptop Mag that accepts her as the crypto-addicted, virtual reality-loving, investing-focused, tech-fascinated nerd she is. Woot!