Obtaining the funding necessary to launch songs and albums can be challenging for musicians. That is changing thanks to this blockchain-based technology.
Records labels frequently get in the way of artists’ outstanding ideas for albums that would take them in new creative directions.
However, a blockchain-based music platform is now proposing to give artists total control over their works while enabling loyal fans to participate in the creation process.
By giving artists the ability to obtain funding directly from the public through BNB Chain integration, Corite claims it completely eliminates the need for record labels and managers.
Musicians may now make important decisions, such as deciding how much money they need to raise in order to release an album or a single, with their supporters receiving a cut of the revenues.
Maximizing Corite’s Potential
Corite uses blockchain-based crowdfunding to provide creators complete control over their work and access to fresh ways to engage with fans via NFTs. Users have the option of supporting the performers with fiat money in addition to the cryptocurrency payment method.
Additionally, CO, its native token, will be available as a BEP-20 token. On the BNB Smart Chain, the token standard is BEP-20.
Through interaction with the BNB Chain ecosystem, fans will have access to a wide range of reliable and liquid assets.
Currently, Corite supports BNB, BUSD, USDT, and USDC, with BNB Chain providing customers with much-reduced gas fees than Ethereum. On a platform that relies on donations from the public, users, and admirers of various portfolio sizes, it is crucial to keep transaction costs in check.
Given that Spotify, Apple Music, and YouTube use the blockchain to measure how often songs are played, the connection with BNB Chain means that fans who donate money will share in the profits when their songs are streamed on those platforms.
The idea of Corite goes well beyond giving artists better terms. When they discover a singer they adore, fans will frequently go to any lengths to have access to exclusive opportunities like backstage passes and autographed records. By directly supporting their favorite musicians, fans may now get closer to them.
Gaining Momentum
At the NFT.NYC conference in June, which was held in the middle of Times Square, Corite achieved a crucial goal.
With his name in light on a significant building, DJ Alan Walker, who has received plaudits for his hit Faded, launched a campaign to raise $75,000 for his new EP.
He expressed his gratitude for the outpouring of support and asked that followers “claim a portion of our common past.”
One song, Unity, has already racked up 1.6 million Spotify streams, and backers will earn a portion of Walker’s streaming income for the next five years. Importantly, artists are free to choose the conditions for any anticipated revenue sharing with fans.
Corite has over 80,000 registered users, according to project statistics, and since its integration with the BEP-20 standard, artists have launched over 100 fan campaigns. King Charles, Kid Travis, Danny Saucedo, and Sabina Ddumba, among others, have contributed to the millions of streams that have already occurred.
The success stories so far demonstrate the potential of this business model to upend the music industry, democratize it, and enable anyone with untapped talent to launch their own songs, albums, and careers.