Music crowdfunding platform, Corite, is looking to revolutionize the music NFT scene in an all-new partnership with Binance.
Taking Music to Web3
The music crowdfunding platform, Corite, is changing the way fans and ordinary users interact with artists, as users can now assist musicians and share streaming revenue with their favorite artists in ways never possible before.
The idea is to allow artists to directly launch their music campaigns/albums with the help of their fans, eliminating the need for intermediaries such as labels and managers. Their songs are also available as Non-fungible Tokens(NFTs) for fans to get involved more closely.
“Corite’s vision is to fan power a global generation of artists. We want to create a new music industry made up of the only people you as an artist can’t live without. The people who truly care and truly love your art for what it is. Who wants to see you grow and can make it happen – Your fans,” Mattias Tengblad, CEO of Corite, told BSC News.
Additionally, Corite has announced a fan campaign with popular Norwegian DJ Alan Walker. In order to make the campaign mainstream, Corite, in collaboration with the popular DJ, displayed a sneak peek into the future of music at Times Square on June 21. The campaign was broadcasted across several huge LED screens in New York’s Times Square.
Support From BNB Chain
Through the integration between BNB Chain and Corite, fans can support the artist while owning a portion of the streaming revenue when the songs are streamed on popular platforms like YouTube, Spotify, and Apple Music. This has sparked interest among fans, who can now get closer to their favorite artists and support them directly, shaping a fairer future for music and content.
“Having a strong partner like Binance and the global community of the BNB chain will be of great importance in our mission to build a new, decentralized music industry, run by the artists and backed by the fans,” The CEO further adds.
It’s critical to keep transaction costs under control on a platform that runs on contributions from the community, users, and fans of all portfolio sizes. With significantly lower gas fees than Ethereum, BNB Chain achieves exactly that.
How Artists & Fans can Utilize Corite:
Corite leverages blockchain-based crowdfunding to give artists full control over their content and access to new models of interaction with fans via NFTs. Users can support the musicians with fiat money, and crypto as the platform currently supports BNB, BUSD, USDT, and USDC. Furthermore, Corite will launch its native token $CO, which will exist as a BEP-20 token.
Moreover, As mentioned in a blog from BNB Chain, artists who have been using Corite to include their fans in their success can release NFTs based on their music. The NFTs will come from 100 independent artists who have run successful fan campaigns on Corite in the past. Holders have the chance to secure $CO tokens ahead of the token launch. The money from the sale is distributed to the artists and their backers.
This is a shift in the music industry, which is primarily dominated by large labels, and small-scale musicians were denied a share in their success. Corite and BNB Chain are spearheading the charge to make the music industry more decentralized and community-owned.
What is Corite:
Corite is a Web3 music platform built on the BNB Chain to allow users to support and share their favorite musicians’ success. Corite provides two solutions for artists. In Corite, they can raise funds to create their music. If artists require marketing and promotion assistance, fans within Corite can assist them, and fans will promote the songs through various channels.
Learn more about Corite:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.