SETTINGS
Content language
flag Vietnamese
Vietnamese
flag Vietnamese
Vietnamese
Tiếng việt
flag English
English
English
Channel logo
Coin98 Insights
Save
Copy link

What is Corite CO? Everything about CO token

Music is an indispensable part of our lives and is loved by almost everyone. In order to shift power from music platforms to fans, bringing the music industry into the world of Web3, Corite CO was created. 
Avatar
thanhuyen.c98
Published Jul 28 2022
Updated Sep 19 2023
4 min read
thumbnail

In 2021, recorded music revenues reached 25.9 billion USD, with 65% coming from streaming music. The majority of revenue was generated by large music streaming services such as Spotify, Apple Music, and YouTube.

However, most musicians make little to no money from their songs. Having fans on Instagram, Tik Tok, or YouTube does not always transfer to Spotify followers and streams, or ticket sales.

The rise of NFT has made it simpler for musicians to engage with fans. According to Water & Music's "NFT market update April 2021" report, musicians have sold 70.5 million USD worth of NFTs to date.

What is Corite CO? 

Corite CO is a decentralized music distribution platform, developed on BNB Chain. Corite CO allows musicians to generate funds, receive fan support, and in return, share their revenues from major streaming platforms such as Spotify, Apple Music, YouTube, and TikTok.

With Corite, artists have full control and ownership over their content, while fans can enjoy the music and communicate directly with their favorite artists. Corite's business model is similar to Play to Earn, where artists and fans are rewarded with CO tokens, badges, NFTs, etc. when contributing their parts.

Corite CO can be seen as the blockchain version of Spotify. On June 6, 2022, Corite was awarded as one of the featured projects on BNB Chain.

corite co websiteCorite CO;s website: https://corite.org

How does Corite CO work?

For artists

Artists can get funding and marketing support from backers through crowdfunding campaigns. A typical campaign includes a presentation of the artist and the music, previous accomplishments, social follows, photos, and a snippet of the music.

Artists can also create challenges that fans must achieve in order to be rewarded. Some challenges are automatically created when the artist achieves a certain goal or milestone.

Artists will gain Fan Power tokens after releasing songs and setting up fan challenges. Besides, artists can also create and sell Corite Originals, music NFTs that exist in the BEP-1155 standard. These NFTs have attributes and features that increase NFT's possibilities in the world of music.

Songs are released through Corite to all major music services, including Spotify, Apple Music, Deezer, Tidal, Amazon Music, Shazam, Youtube, and Tiktok.

corite fund raisingCrowdfunding campaigns that happened on Corite

For fans

Fans can become marketers, sponsors, co-creators, listeners, followers… of their favorite artists. After participating in the fundraising campaign, fans can track the song’s release process and receive a real-time revenue share from all major streaming services. 

The Fan Power tokens represent how active fans are. The more tokens fans own, the more incentives and benefits they will enjoy. The amount of Fan Power tokens is determined by:

  • Number of artists supported.
  • Number of NFTs purchased or earned.
  • Completed fan missions.
  • Following artists on Spotify and other services.
  • Sharing music on social media.
  • Creating and sharing playlists.
  • Numbers of songs reviewed.

corite fan token

CO token Use Cases

CO token holders can take part in crowdfunding campaigns, receive discounts, have early access to new releases, contribute to the platform in exchange for rewards, trade Corite Originals NFTs, generate social tokens, join DAOs, and administer the Corite ecosystem.

By locking CO tokens, fans will gain early access to crowdfunding campaigns. The CO tokens locked will be returned after the campaign is over.

Team, Investors, and Partners

Team

Corite CO was founded by a team with substantial experience in music and media:

  • CEO & Founder - Mattias Tengblad: Over 20 years of experience in management, business development, and marketing. He used to work as a commercial director for Universal Music, the world's leading music company, which has nurtured the success of many popular musicians, including Shawn Mendes, Eminem, BlackPink, Selena Gomez, Justin Bieber, Taylor Swift, and Maroon 5.
  • Creative Director & Founder - Emil Angervall: Over 20 years of experience in design, He co-founded and launched numerous business projects. Emil used to work as Universal Music's creative director.

corite team

Investors

Corite is funded by many crypto investors, including:

  • Gate.io: One of China's oldest exchanges, established in 2013 under the direction of Mr. Lin Han.
  • Coin98 Ventures: The investment arm of Coin98 Finance, offering financial capital and resources to enable financial innovations in the DeFi space.

Other investors include Kyros Investment, Shima Capital, KuCoin Labs…

corite investors

Partners

  • Alan Walker: A musician with over 10 billion YouTube views. Alan Walker's Unity song crowdfunding campaign on Corite was completed in less than a week. More Alan Walker songs will be available on Corite in the near future.
  • Rico Love: A Grammy Award-winning music producer who worked with Beyonce, Usher, and others. He currently works with Corite as an advisor.
  • Hitco Music: One of the top entertainment companies led by industry legends L.A. Reid and Charles Goldstuck. LA Reid works with Corite as an advisor. 

Roadmap & Updates

Q2/2022: Fan power & Song shares 

  • Airdrop NFTs 
  • CO wallet 
  • Fan Power & Song Shares on blockchain

Q3/2022: CO token & Fan missions

  • On hold: Public launch of the $CO 
  • Fan funding on blockchain 
  • Fan missions & Corite Originals (v1) 

Q4/2022: Play to Earn & Hero projects

  • Clubs 
  • Corite Originals (v2)
  • Community tokens 

What is CO Token?

CO is a platform currency that allows its holders to participate in crowdfunding, purchase NFTs, receive social tokens, and gain access to VIP benefits on Corite.

Detailed information about the CO token

CO Key Metrics 

  • Token Name: Corite CO
  • Ticker: CO
  • Blockchain: Binance Smart Chain
  • Token Standard: BEP-20
  • Contract: 0x936B6659Ad0C1b244Ba8Efe639092acae30dc8d6
  • Token type: Utility, Governance
  • Total Supply: 1,000,000,000 CO
  • Circulating Supply: 17,100,000 CO

How to get CO Token

Users can buy CO token through supported exchanges.

How to store CO Token

CO tokens can be stored in a variety of wallets, including Coin98 Wallet, Metamask, Mycrypto wallet, or cold wallets like Ledger and Trezor.

How to buy CO Token

Users can buy CO token through Bybit exchange or on PancakeSwap.

Similar Projects

  • Sound.xyz: This project enables music NFT auctions as well as direct engagement with musicians.
  • Vezt Inc: The music marketplace enables fans to sponsor their favorite musicians in exchange for a percentage of the product sales.

Website: corite.org

RELEVANT SERIES