Topics Blockchain
Bybit Learn
Bybit Learn
Intermediate
Apr 28, 2022

Corite (CO): An Exciting Collab Between Music Artists and Fans

Corite is a blockchain-based platform created to help music artists build more successful, fulfilling careers. Powered by fans and artists to fund and promote music through a play-to-earn (P2E) concept, Corite's aim is to transform and eventually conquer the music industry.

Thanks to the P2E business model it employs, both content creators (musicians) and consumers (fans) are rewarded on Corite. Whether musician or fan, Corite users are rewarded with CO tokens, NFTs, and exclusive experiences for adding value to the community, platform, and the music Corite seeks to promote.

Recently, the platform partnered with Norwegian DJ/renowned producer Alan Walker to deliver new experiences to his fan base through Web 3.0 technology. Walker, who has more than 115 million followers across his social platforms, wants to help Corite break out of the traditional "record label" model to create a new digital music market.

To help you better understand Corite, let’s take a look at how it works, its key features, and the pros and cons involved.

What Is Corite?

Launched in 2018, Corite is a project funded by Universal Music alumni Mattias Tengblad and Emil Angervall of Sweden. The platform aims to help fans invest directly in their favorite artists, become a part of the creative process, and earn a portion of streaming royalties.

Corite was built around the CO token and four core concepts:

  1. P2E music

  2. Corite Originals

  3. Blockchain-based crowdfunding

  4. Social tokens

The CO platform is also beneficial for artists as well. For decades, independent artists/small brands could not fully capitalize on their existing fan bases and compete with major recording labels. With Corite, they can now place their music on all major streaming platforms online, including Apple Music, Spotify,YouTube, and even TikTok.

The entire project is scheduled to take place in multiple stages. The current incarnation of Corite is used to bridge the gap between the old and new platforms. At the moment, the team's plan is mainly to attract the crypto crowd and NFT enthusiasts. In the long term, however, Corite's goal is to mass market the platform to the general public in order to reach even more people.

In May 2021, Corite founders took a huge step in the right direction by inking a partnership with LA-based HITCO Entertainment, a company run by music industry legendsC harles Goldstuck and L.A. Reid. As part of their partnership,H TCO also acquired a minority stake in Corite — a move that will surely help Corite expand into U.S. territory.

What Is CO?

The CO token has been made to power the Corite platform. The creators designed CO to be used on the Corite platform only.

As a single-platform token, it will create the single largest pool of liquidity for the platform. CO will also have real-world benefits, such as getting artist’s music onto Spotify and Apple Music.

But that’s not all: CO has been designed for multiple purposes, including:

  • Buying original NFTs through the platform

  • Participating in Corite crowdfunding campaigns

  • Gaining early access to crowdfunding campaign content

  • Getting access to various VIP music experiences

  • Creating social tokens and collecting rewards

Back in July 2021, Corite founders announced that they had completed a private sale of $2.2 million worth of CO tokens. They used the opportunity to launch a concept called “Fan Power,” achieved through a partnership with ChromaWay.

Corite: How It Works

Corite uses a fan participation business model, which allows fans not only to participate in the launch of a single or album, but also to receive a portion of future profits. Here's how Corite works:

  • The artist sets up a campaign within the platform.

  • They define the percentage that will be shared with the backers.

  • The artist uploads a snippet of their music for potential backers to hear.

  • Users listen to the snippet and decide whether to back the project or not.

  • The users back the project by investing CO tokens into it.

With backers covering the production and marketing costs, artists can focus on delivering their vision without making compromises along the way. This way, Corite will be able to help new artists with marketing distribution using blockchain technology.

When a track or project is completed, Corite will help the artist get it featured on all of the major streaming platforms. Revenue made from these tracks will be redistributed to backers and artists on the platform.

Key Features of Corite

Corite’s platform offers many gamification tools to make the interaction between artists and potential backers easier and more fun. Noteworthy features of the platform include:

  • P2E for Music

Outside the music industry, the P2E model isn't anything new. The strategy has allowed many video game companies to offer financial rewards to anyone who adds value to a particular gaming world. This model will be perfect for the industry, and will be used to strengthen the connection between artists and fans.

  • Fan Participation

Fans help artists fund and promote their music, while artists reward fans with generous awards and interact with them directly. Fans are encouraged to participate in three ways:

  1. Support revenue sharing

  2. Fan missions created by artists

  3. Access to exclusive content

  • Corite Originals

With Corite, backers can earn Fan Power tokens by participating in activities that promote their artists, and by engaging with other community members. Creating Spotify and Apple Music playlists, sharing campaigns on social media, and voting for your favorite artists can net you some of these tokens. (Editor’s note: At the time of this writing, not much information is available about Fan Tokens.)

  • Studio, Festival and Backstage

Early investors will have a chance to listen to early demos, attend exclusive festivals, and even hang out backstage through VIP packages, The CO Backstage area is where fans will be able to buy digital selfies and participate in promotional activities of their favorite artists.

CO Tokenomics

The demand for the CO token is hotwired into its tokenomics

To get early access to fan-funding campaigns, backers will need to own CO tokens. Additionally, the more albums and songs sold in a presale, the more attention the particular artist gets. All of that — as well as many other use cases, such as buying/selling NFTs, trading social tokens, and going through gamification challenges — will surely result in a significant amount of tokens being taken out of the market. In turn, this will affect the token price positively.

The user-friendly interface, fun rewards, and high level of hype surrounding the Corite platform will attract investors.

Pros and Cons

In under three years, Corite has become one of the hottest blockchain-based music platforms around. However, as with any project, there are cons associated with Corite as well. Here are some things to consider.

Pros

  • Helps Unsigned Artists Receive Exposure

The music industry is notoriously difficult to break into. With Corite, however, independent artists finally have a platform that can help them get the exposure they need to succeed.

  • Allows for Easier Crowdfunding Campaigns

Crowdfunding campaigns are a great way for artists to raise money for their projects. However, they can be difficult to organize and promote. Corite has made it easier than ever to launch a successful crowdfunding campaign.

  • Boosts Fan Engagement Levels

Corite is all about boosting fan engagement. The platform makes it easy for fans to connect with their favorite artists (e.g., up-and-coming musicians) and to support them in a direct manner.

  • Great Investment for Anyone

While music fans will love having the power to influence the industry, virtually anyone — from casual fans to adventurous investors — can benefit from investing in Corite. The platform has plenty of potential and is sure to see continued growth in the coming years.

Cons

  • The Project Is Still in Its Early Stages

As of April 2022, CO has yet to be listed on any mainstream crypto exchange. The project is still in its early stages, and likely grapples with a number of issues which will only surface with prolonged testing.

  • No Road Map for the Project

If you were to browse Corite’s official website at this time, you wouldn’t be able to find any sort of road map for the project. While this isn’t necessarily a dealbreaker, it does make it difficult to gauge the project's progress.

Is Corite (CO) a Good Investment?

With all of this in mind, we have to ask ourselves: Is Corite a good investment?

The short answer is: Yes.

The slightly longer answer: It depends on your personal investment strategy.

If you're the type of investor who likes music, wants to support independent artists, and is looking for a way to diversify your portfolio, Corite is definitely a platform worth considering.

On the other hand, if you're risk-averse and are looking for a quick return on your investment, you might want to wait until the platform has been around for a few more years, and more reviews/information on Corite appear on the internet.

Buying CO

Although the Corite platform has made its online presence felt over the past few months, at the moment, CO has yet to be listed on any of the major online exchanges. At the time of this writing, we have no confirmed information about any upcoming initial coin offering (ICO).

Closing Thoughts

All in all, Corite is a promising, blockchain-based music platform that has the potential to revolutionize the music industry.

Although still in its early stages, Corite looks like a promising project: It can help generate additional revenue streams for artists, assist newcomers in breaking into the global music streaming market, and more. The cherry on top? Internationally acclaimed music artist Alan Walker seems to have faith in the platform (and he knows his “stuff”).

If you're looking for a way to support budding artists, and are willing to take on some risk, Corite is a platform worth checking out.