Our next BNB Chain Project Spotlight features Corite, a crowdfunding and fan interaction platform that allows users to support their favorite musicians while also sharing in their successes.
Read more about this promising platform in our interview with the Corite team below!
IMPORTANT: Please note the following content does not constitute an endorsement or approval of any of the products or services of the project, organization, or individual.
1. For people new to the project, can you give us a brief overview of what Corite is all about?
Corite is a crowdfunding and fan interaction platform that allows users to support their favorite musicians while also sharing in their successes. The central feature of the platform is fan campaigns, which allow users to get a piece of the streaming revenue generated by a song. The artist benefits by raising funds upfront to promote their material, and fans benefit when artists meet or exceed their streaming goals. Our platform is already up and running, and we will be launching our CO token shortly.
2. Why did you choose to build on BNB Chain?
In short, BNB Chain offers all the tools and ecosystem needed for us to deliver our vision for the platform. Our native Corite token CO will exist as a BEP-20. The NFTs representing user shares in fan campaigns exist as BEP-1155 tokens and the collectible material licensed by the artist can be issued as BEP-721.
BNB Chain also offers users a choice of several trusted and highly liquid assets which are supported by the platform. We currently offer support for BNB, BUSD, USDT, and USDC. Of course, BNB Chain also offers significantly lower gas fees for our users compared to Ethereum. On a platform where we want users of all portfolio sizes contributing frequently, it is of critical importance to keep transaction costs manageable.
3. Corite recently announced a fan campaign with Alan Walker. Can you tell us more about this? Can we expect more big names in the future?
The collaboration with AW is absolutely huge for us. Alan has over 10 billion views on his YouTube channel, so it really is a massive opportunity for our community. The campaign for AW’s new song “Unity” (dropping 3rd June 2022!) reached its fundraising goal in less than a week – we are thrilled and Alan is as well. This is a huge step in showing both emerging and established artists that what we are doing is a completely viable and sustainable model for the future.
As for the second question, we can’t give names before things are officially confirmed and announced, but we can say that people have definitely taken notice of the successful Unity campaign and there are many exciting possibilities brewing in the background! And for sure you will see more from Alan Walker. We are just getting started.
4. Can you explain the streaming revenue sharing model in more depth?
One of the strengths of our model is how easy it is to understand. For each song, an artist sets a fundraising goal and provides a target number of streams and projected return for backers.
Corite tracks streaming data and collects the revenue, and redistributes it back to users based on their share of the campaign.
As an example, let’s say an artist has a fundraising goal of $3,500 USD, a goal of 2M streams, and a projected return of 1.7x if they meet the goal. If I contribute $35, my share of the streaming revenue is 1%. If the artist meets their goal, I will receive $59.50 and make $24.50.
Where this model gets really exciting is when an artist breaks through and goes viral. In the example above, imagine the artist ends up receiving 10M, or even 100M streams! The rewards for backing the right artists and taking an active part in its success can be pretty significant.
5. Aside from the financial element, how else do fans contribute to the success of artists?
We are currently working to implement ‘fan missions’, which give backers additional tasks to perform as part of the campaigns. These mission objectives can include things like sharing the artist’s material on social media channels and interacting with the artist directly. The idea behind this is to make the backers active participants and deepen the connection between fans and artists.
6. Corite uses a hybrid Web2/Web3 model. Can you talk about what this means for users?
We have designed our platform to be optimized for native crypto users while also supporting non-crypto users.
Users can back artists using traditional methods such as PayPal, Google Pay, and Credit Cards in addition to using cryptocurrency. They are also able to collect streaming revenues through these traditional payment methods.
Using a blockchain wallet and Web3 functions offers users several advantages, including:
● Instant settlement on contributions made to artists
● Instant settlement on reward payouts
● Utilizing the benefits given to CO token holders (more on this below)
● The ability to collect and trade collectible NFTs
So, the idea is to build a service that appeals to crypto users but also allows non-crypto users to sign up and start using the platform right away. The hope is that over time, these users see the benefits of adding crypto functionality and actually adopt Web3 organically.
7. What role will the CO token play in your ecosystem?
– Granting token holders exclusive perks on the platform
– Staking to get early access to new campaigns, or special promotional campaigns
– Allowing token holders to vote on governance proposals
– Rewarding the most active artists and fans
8. What makes Corite stand out in the crypto space?
– A working product. Anyone can go to our website today, and start choosing and investing in artists. We have crypto payments integrated, as well as the traditional methods mentioned earlier.
– Our network. Corite’s advisors include successful producers and executives from the music industry, and we have already collaborated with Alan Walker, who has received global recognition and success. We are a platform built for a specific industry, with deep connections within that industry.
– Our hybrid model means that we can onboard everyone, and help spread blockchain and cryptocurrency adoption.
– While there are a handful of competitors, crypto-enabled music platforms are few and far between – the market is not saturated.
9. If someone wants to try the platform, where should they start?
Head on over to https://www.corite.com, sign up, and start looking around! The platform is ready to use today! In addition, follow our Twitter account and join our Telegram Announcement channel.