Despite turmoil in the markets, 2022 has been an eventful year for music crowdfunding and NFT platform Corite. After amassing over 100,000 users and running two highly successful campaigns with world renowned DJ Alan Walker, the project is set to launch its native $CO token on September 28 through an IFO on PancakeSwap and a parallel listing on Bybit . The token will enable additional platform features while also granting holders a variety of perks and benefits while using the service.
Use your fan power
The central feature of the Corite platform are “fan campaigns”, which allow users to back songs by contributing to the artist. In return, they receive a share of the streaming revenue generated when the song is played on Spotify, YouTube, and other major streaming services.
While the platform already boasts hundreds of successful fan campaigns from a variety of artists, the most notable campaigns have come from the platform’s ongoing partnership with DJ Alan Walker. Walker, who rose to prominence in 2015, was eager to work with the platform as part of his desire to allow his fans to share in his success. Alan appeared on the Binance NFT Podcast alongside Corite CEO Mattias Tengblad on July 23rd.
“The partnership with Corite is really exciting… it’s a new way or a different way of connecting with the fans. Letting them take part, having the opportunity to earn money from other people listening to their music. I think that’s really cool, I wish I could have done that growing up”, said Alan Walker.
Alan Walker’s backers already in profit
The first Alan Walker fan campaign on Corite took place earlier this year. The campaign for the fan collab song “Unity” raised $25,000, with backers receiving a share of future streaming revenues. The song has already reached its break-even goal of 6.3m streams and backers of the Unity campaign will be earning revenue above and beyond their initial contributions until June 2027.
A follow up campaign called “Origins” is also on track to accomplish its goal – within two months, the three songs have already combined for 7m streams. The campaign also included an NFT Video Scavenger hunt on Twitter where fans who pieced it together will get to share the success of the videos on YouTube. This means that Alan Walker has raised more than $125,000 on the Corite platform in a matter of months using the power of his fans. The result is encouraging, and suggests that Corite’s model can deliver a positive result for the artist, the platform, and the end user.
Fan Missions and the $CO Token
A set of new features will be launched during Q4 2022 for fans to become even more engaged on the platform. One of the main additions will be “fan missions”, a gamified system which will allow users to earn rewards by participating in activities generated by the Corite team, artists, and even other fans.
By gamifying the artist-fan relationship, Corite aims to deliver a comprehensive engagement engine for artists that will allow them to mobilize and expand their current fanbase. In turn, Corite users who complete missions will receive rewards.
The $CO token will play an important role in the system, allowing users to stake the token in exchange for reward multipliers, staker exclusive benefits, and more.
Corite is available now
While the platform’s native token launch is upcoming, Corite already has a working product with integrated cryptocurrency payments through Binance Chain. Anyone can make an account, browse the available fan campaigns and back artists.
The $CO token will launch on Wednesday September 28th, with an Initial Farm Offering (IFO) on PancakeSwap and listing on ByBit exchange.
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