Corite is Utilzing BNB Chain to Revolutionize the Music Industry

BNB Chain-powered crowdfunding platform Corite is attempting to change the music industry by affording artists more control over their music. The platform helps artists launch their work with direct support from their following, ensuring that there are no intermediaries taking their cut along the way.

Since the integration of BNB Chain based payments in May, 2022 Corite has enjoyed significant growth now boasting over 80,000 registered users. With artists beginning to understand the possibilities of utilizing Corite there have also been over 100 successful fan campaigns launched. These campaigns offer users the chance to ‘back’ their favorite songs by contributing funds to the artist which then go toward production, promotion and other efforts aimed at growth.

By leveraging BNB Chain, Corite has given fans the opportunity to play a direct role in the rise of their favorite artists. Supporters are able to support their favorite artists while also owning a relevant portion of their streaming revenue when songs are eventually streamed on huge platforms like YouTube, Spotify and Apple Music- all of which is verified and tracked on the blockchain. Users on Corite can rest easy in the knowledge that Corite crypto payments are powered by BNB Chain’s BEP-20 token standard, a standard for tokens on BNB Chain that builds upon the initial frameworks established by the ERC-20 standard. All of this has culminated in growing interest among fans regarding the kind of impact they can now have on the progress of their favorite musicians.

DJ Alan Walker Enjoys Success via Corite

Corite has already hosted over 150 campaigns and millions of streams. There have been collaborations with talented artists including Danny Saucedo, Sabina Ddumba, and Kid Travis. The latest high profile campaign is with internationally acclaimed DJ Alan Walker. Initial backers were granted a share of Spotify streaming revenues for Walker’s song “Unity” for the next five year. Since the song’s Spotify debut on June 3rd, it has already amassed a staggering 1.6 million streams!

Alan Walker’s album Unity was launched on Corite’s platform and serves as an example for other artists. His initial success has gone on to inspire other creators and music lovers around the world. This intersection between community and blockchain technology offers a new route for art to flourish. The whims of recording labels who have been pulled up on adopting exploitative practices can be completely bypassed. DJ Alan Walker has been vocal about the community support he has enjoyed:

”The Walkers have really outdone themselves and humbled us all with their support for our first fan campaign, centered around Unity. I believe nothing is greater than the sum of its parts. That's why giving back is at the core of our fan campaigns.”

Alan Walker has since launched his latest campaign, Origin, and went on to reflect on the success achieved so far.

“Since the beginning, we have created music, art, and memories together. I am humbled by what our community has become. You took our first fan campaign with 'Unity' and made it a success. As important as it is where you are from, it’s more important where you are at and where you’re going. And I would never have been in this position if it wasn't for you! 'Unity' has finally been released on streaming platforms and now I’m excited to invite you to be part of the Origins EP.”

Corite has already proven itself sensitive to the demands of the music industry after having initially begun as a Web2 platform before eventually recognizing the potential of blockchain to harness community.

How Artists can Utilize Corite

By leveraging blockchain-based crowdfunding initiatives artists will retain full control over their content and the decisions they make. They will also be able to utilize new modes of interaction with their followers through the use of NFTs. Artists can then determine, alongside users, relevant support options in the form of fiat money or crypto.

Furthermore, its native token CO will exist as a BEP-20 token. BEP-20 is a token standard on BNB Smart Chain.

With BNB Chain integration, Corite users will have access to a variety of trusted and liquid assets provided by the BNB Chain ecosystem. Corite currently supports BNB, BUSD, USDT, and USDC. Of course, BNB Chain also offers significantly lower gas fees for our users compared to Ethereum. 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.

Artists that have been using Corite as a way to include their fans in their success can release NFTs based on the artwork and music. These NFTs come from 100 independent artists that have made successful fan campaigns on Corite in the past, while also giving fans a chance to secure Corite CO tokens ahead of the token launch. Original Artists NFT Collection is one such example. The NFTs are minted on BNB Chain. The money from the sale is distributed to the artists and their backers like other revenue coming from for instance Spotify, TikTok or YouTube Music.

This is a shift in the music industry which is 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.

BNB Chain and Corite’s Music Revolution is Happening in Times Square

Corite is now looking to make an even bigger splash with the announcement of their biggest fan campaign to date on June 21st at the 4th annual NFT.NYC conference. While specifics remain closely guarded, a post from Corite’s official blog suggests that Alan Walker will once again be involved.

The platform is set to announce their largest fan campaign to date in Times Square during the NFT.NYC conference on June 20th.

This is a shift in the music industry which is 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.

2022 is shaping up to be a breakout year for music’s potential decentralized boom.