Corite is a blockchain-based platform created to help music artists build more successful and fulfilling careers. Supported by fans and artists to finance and promote music through the play-to-win (P2E) concept, Corite’s goal is to transform and ultimately conquer the music industry.
Thanks to the P2E business model it uses, both creators (musicians) and consumers (fans) are rewarded on Corite. Musician or fan, Corite users are rewarded with CO tokens, NFTs, and exclusive experiences to add value to the community, the platform, and the music Corite aims to promote.
Recently, the platform has partnered with Norwegian DJ/renowned producer Alan Walker to bring new experiences to its fan base through Web 3.0 technology. With more than 115 million followers on her social platforms, Walker wants to help Corite break the traditional “record label” model to create a new digital music market.
What is Corite (CO)?
Launched in 2018, Corite is a project funded by Universal Music alumni Mattias Tengblad and Emil Angervall from Sweden. The platform aims to help fans invest directly in their favorite artists, be a part of the creative process and earn a portion of streaming royalties.
Corite is built around the CO token and four key concepts:
- P2E music
- Corite Originals
- Blockchain-based crowdfunding
- Social tokens
The CO platform is also beneficial for artists. For decades, independent artists/small brands have not been able to take full advantage of their existing fan bases and have been unable to compete with the major labels. With Corite, they can now embed their music on all the major online streaming platforms including Apple Music, Spotify, YouTube and even TikTok.
The entire project is planned to take place in multiple phases. The current incarnation of Corite is used to bridge the gap between the old and new platforms. Currently, the team’s plan is mainly to attract the crypto crowd and NFT enthusiasts. But in the long run, Corite’s goal is to mass-market the platform to the general public in order to reach more people.
In May 2021, Corite founders took a big step in the right direction by signing a partnership with LA-based HITCO Entertainment, led by music industry legends Charles Goldstuck and LA Reid. As part of their partnership, HT TCO also acquired a minority stake in Corite.
What is CO Coin?
The CO token is built to power the Corite platform. The creators designed the CO for use only on the Corite platform.
As a single-platform token, it will create the largest single pool of liquidity for the platform. CO will also have real-world benefits such as getting the artist’s music to Spotify and Apple Music.
But that’s not all: CO is designed for many purposes, including:
- Purchasing original NFTs through the platform
- Participating in Corite crowdfunding campaigns
- Get early access to crowdfunding campaign content
- Access to a variety of VIP music experiences
- Creating social tokens and collecting rewards
In July 2021, the Corite founders announced that they had completed a private sale of $2.2 million worth of CO tokens. They took the opportunity to launch a concept called “Fan Power” obtained through partnership with ChromaWay.
How Does Corite Work?
Corite uses a fan engagement business model that allows fans to not only participate in the launch of a single or album, but also receive a portion of future profits. This is how Corite works:
- The artist sets up a campaign within the platform.
- They determine the percentage to be shared with supporters.
- The artist uploads a piece of his music for potential backers to hear.
- Users listen to the snippet and decide whether to support the project.
- Users support the project by investing CO tokens in the project.
With supporters covering production and marketing costs, artists can focus on delivering their vision without compromise along the way. In this way, Corite will be able to assist new artists with marketing distribution using blockchain technology.
Once a track or project is complete, Corite will help the artist stand out on all major streaming platforms. Proceeds from these tracks will be redistributed to supporters and artists on the platform.
Key Features of Corite
The Corite platform offers many gamification tools to make interaction between artists and potential supporters easier and more enjoyable. Notable features of the platform include:
P2E for music
Outside of the music industry, the P2E model is nothing new. The strategy has allowed many video game companies to offer financial rewards to anyone who adds value to a particular game world. This model will be perfect for the industry and will be used to strengthen the bond between artists and fans.
Fan Engagement
Fans help artists fund and promote their music, while artists reward their fans with generous prizes and interact directly with them. Fans are encouraged to participate in three ways:
- Support revenue sharing
- Fan missions created by artists
- Access to exclusive content
Corite Originals
With Corite, supporters can earn Fan Power tokens by participating in events promoting their artists and interacting with other community members. Creating Spotify and Apple Music playlists, sharing campaigns on social media, and voting for your favorite artists can earn you some of these tokens.
Studio, Festival and Backstage
Initial investors will have the chance to listen to early demos, attend special festivals and even hang out behind the scenes through VIP packages.
Corite (CO) Coin Review and Future 2022
With all this in mind, we should ask ourselves the question: Is Corite a good investment?
It depends on your personal investment strategy.
If you’re an investor who loves music, wants to support independent artists, and is looking for a way to diversify your portfolio, Corite is definitely a platform to consider.
On the other hand, if you are risk averse and looking for a quick return on your investment, you may want to wait for the platform to circulate for a few more years and more reviews/information about Corite appear on the site.
All in all, Corite is a promising blockchain-based music platform that has the potential to revolutionize the music industry.
Corite looks like a promising project, although it’s still in its infancy: It could help create additional revenue streams for artists, help newcomers enter the global music streaming market, and more. The cherry on top? Internationally acclaimed music artist Alan Walker seems to trust the platform.
If you’re looking for a way to support emerging artists and are willing to take some risks, Corite is a platform worth checking out.
