Corite’s upcoming token sale will enable retail investors to follow suit via Gate, KuCoin, MEXC and a soon-to-be-revealed fourth platform.

Upon its launch, the Fan Power blockchain platform will give active holders of the platform’s native $CO token the opportunity to access VIP experiences and bootstrap new music projects in exchange for a percentage of artists’ streaming royalties. As with other blockchain-based platforms, there will be a governance mechanism that gives token-holders the opportunity to influence the venture’s future direction, too.

Corite’s pivot to using blockchain for music crowdfunding will see the startup further develop its relationship with fellow Stockholm-based company ChromaWay, a key investor that is heavily involved with distributed ledger technology via its own Chromia platform.

Corite is aiming to disrupt an industry that offers limited choices for musicians and fails to provide value to the increasing number of independent artists. Corite plans to disrupt the existing financing system by decentralizing it. This will create a new relationship between the listeners/supporters of the most admired musicians and them.

Last month, Corite partnered with Australia’s largest music studio complex 4000 Studio, home of award-winning producer Konstantin Kersting. The alliance will give existing Corite artists the opportunity to work with 4000 Studio’s producers, with the studio in turn promoting the Fan Power blockchain within its community. In a statement, Kersting enthused that Corite was “shaping what the future of the music industry will look like.”

However, Corite’s onboarding benefits go beyond just financial support. Musicians can also receive funding to promote, market, and produce digital merchandise, including non-fungible tokens. The technology has become a hot commodity within the entertainment industry with actors, film directors, producers, and other influencers adopting it through auctions.

NFT collections include music items such as rare artworks, GIFs and tracks. Recent announcements included collections from Nirvana, David Bowie and The Beatles. These include digital copies of Hey Jude’s lyrics as well as the rare items that were created by the Beatles.

While NFT marketplaces such as Rarible, Starly and YellowHeart primarily handle NFT auctions – typically relating to memorabilia – Corite seeks to become a one-stop shop for musicians, artists and listeners: a place where creators can reward loyal fans with special tokens, merchandise and exclusive experiences, while being fairly compensated for their output. NFTs that are created on the platform may be exchanged among members to help stimulate an economic boom.

In 2017, approximately $44.2 billion was sent by users to ERC-721 or ERC-1155 smart contracts. These smart contracts are tied to NFT collections and marketplaces. These staggering volumes could increase due to platforms such as Corite. This is a fact being increasingly noted by investors.

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