The main reason for the deprecation of crypto tokens has always been their inutility in the real world. When the initial excitement over a new token fades, its value plummets. As a result, an increasing number of industry participants are looking for ways to adapt their tokens to reality in this regard. In turn, the music industry offers to bridge the gap between art and technology.
The Corite project exemplifies how this combination could work. Corite is a blockchain-based crowdfunding and fan engagement platform that allows fans to invest in their favorite artists. This review will demonstrate how this hybrid approach could provide crypto tokens with the real-world value they were lacking.
‘FAN POWER’ AND ‘FAN MISSIONS’
To begin, Corite is the first music blockchain-based platform where artists and fans can interact directly and support one another in a variety of ways without the use of intermediaries. Fan engagement, or “Fan Power,” as the project team refers to it, drives artist growth, funding, and distribution. In that sense, “Fan Power” refers to fans becoming supporters of their favorite artists’ vision, work, and music. In turn, artists can receive upfront funding to release their music in exchange for sharing a portion of their revenue with their fans, as determined by the artist.
In a nutshell, the project’s goal is to allow musicians at any stage of their careers to release music independently of traditional record labels while still having it available on all major streaming services.
One of the key elements of the model that Corite has successfully implemented is “fan missions,” or challenges and tasks that musicians can offer to their fans to reward those who are truly involved in their artwork, believe in them, and support their future releases.
“Fan campaigns” are started by artists and have a fundraising target, a streaming target, and a deadline. For instance, a musician might ask for $5,000 with the objective of giving backers a 2x return by accumulating 2.4 million streams over the course of three years. If the streaming targets are reached, users will receive rewards for the full three years.
On Corite’s CO platform, fans use stablecoins to fund campaigns in exchange for song shares. Non-fungible tokens can also be used to link song shares to ownership. This system ensures that revenue splits between fans and funds raised for artists are completely transparent. Artists benefit from this model as well, because they can raise funds in advance and use them for promotion while maintaining full ownership of their music and master recordings.
THE ROLE OF $CO TOKEN IN THE FUTURE OF CORITE
The $CO token was made available in September 2022, and it will continue to be a key part of the platform’s growth in the future.
The CO token gives its holders access to all of the functions that Corite has developed and continues to develop: artists will need it to generate Fan Power for their Fan Missions, mint NFTs, and gain access to new artist services that the community will provide. Users who own some $CO tokens can gain early access to top-tier fan-funding campaigns, a multiplier for their Fan Power earnings, and rewards in the form of exclusive content, goods, and access.
As a result, both fans and artists can be financially rewarded with the $CO token and non-financially rewarded with badges, content, and experiences for engaging with and adding value to the platform, community, and music it seeks to promote. The platform and the artists incentivize fan participation on three levels: revenue sharing from backing artists and profits from things they own, fan missions set up by the artists and the platform, access to exclusive and fun content, and offline and online rewards.
$CO employs the BNB Chain, which enables advanced blockchain and DeFi features. The token is already available on two major cryptocurrency exchanges, PancakeSwap and ByBit.
18% of tokens will be used for ecosystem development, 10% for the foundation reserve, and 7% for liquidity. This means that more than one-third of all tokens will be used to support and move the ecosystem forward.
Corite has raised a total of $1 million for its artists from dedicated music fans since its inception. This amount was raised through blockchain fan campaigns and NFT drops of exclusive artists’ digital collectibles. Over a hundred successful fan campaigns have already been hosted on the platform. The “Unity” campaign, launched in collaboration with EDM superstar Alan Walker, has been a standout.
The campaign’s break-even goal of 6.7 million streams by June 2027 has already been exceeded. Users who participated in this campaign have already earned more than their contribution amount and will continue to benefit for at least the next four years. Successes like these demonstrate how, by combining music and blockchain, real value can be captured and shared.
BACKERS OF CORITE
Gate.io, Coin98, Kyros Investment, Shima Capital, Everse Capital, KuCoin Labs, Rarestone Capital, and Charles Goldstuck are among the prominent investors who have backed the platform and Corite’s $CO native token. Corite raised $6.2 million in a private $CO token sale last year for its blockchain-based sister project, Corite CO.
These initiatives resulted in the launch of Corite’s CO platform, which allows $CO token holders to participate in blockchain fan funding and promotion, gain early access to invest in music projects, and receive rewards for contributing to and participating in the governance of the Corite ecosystem.
UTILITIES AND EXCLUSIVE FEATURES
Existing and new $CO token holders now have access to a new feature. They can now stake $CO and earn a 15% return. Furthermore, the platform is planning to launch Missions in which investors can earn Fan Power by completing tasks and challenges. Staking $COs gives them a multiplier ranging from 1.1 to 2.0, implying that they can double their Fan Power earned in Missions. To be invited to the Mission BETA, users must have at least 1,000 Fan Power. They will gain early access to major Fan Campaigns as a result of this. Additionally, there will be weekly prize pools for users with the most Fan Power.
THE FUTURE OF $CO
The project will move forward with selected artist drops, an app redesign, and the launch of additional artist missions in the first quarter of 2023, according to the roadmap posted on corite.org. The $CO token will be essential to the platform’s operation at every stage.
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