Crypto Adoption Begins With Fan Power. Corite’s CEO Discusses NFTs, Blockchain, and Democratizing the Music Industry Through Technologies.
November 30 2021 - 1:33PM
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By now, after almost a year since the start of the NFT hype,
non-fungible tokens have proven to be one of the turning points in
crypto’s history. The utility and use cases for these assets have
been disrupting arts, sports, movies, and music. On the other hand,
we humans have always been willing to go the extra mile to acquire
a unique piece of history, an exclusive work of art, or something
that allows us to connect with our idols and passions. Corite, a
Stockholm-based fan funding music platform, taps into these two
trends, preparing to launch a blockchain platform and leverage NFTs
to transform the billion-dollar industry. We sat down with Mattias
Tengblad, Corite CEO, to discuss the irruption of NFTs in financial
markets, the hype around non-fungible tokens, and their potential
to help bring crypto into the mainstream. Q: Could you tell us a
little about your background? How is Corite embracing digital
assets and blockchain technology, and why did you decide to bet on
NFTs? A: Well, my co-founding partner Emil and I are true music
lovers, and we’ve been working together for many years. We’ve spent
five exciting years at Universal Music when Spotify launched and
rocked the industry to its foundation. We have successfully run
corite.com since late 2019, which provided valuable insights on how
to incorporate blockchain technology to open up even more
opportunities for both artists and fans. Corite decentralizes the
traditional record deal model, giving independent artists financial
and creative freedom while engaging their fans in novel ways. When
admirers and musicians share in the success of a project, their
bond grows stronger. We believe that fan power will drive the music
industry’s future. We are also convinced that by monetizing digital
art and music, NFTs enable artists to gain control of their work
and generate new revenue streams. Q: Could you tell us about your
latest accomplishments and how they are driving the platform to its
ultimate goal, i.e. to democratize the music industry? A: Corite is
already used by tens of thousands of fans. We are currently
launching the blockchain platform CO, which provides new ways for
artists to enjoy and live off of digital art and music. Fans will
get song shares by backing the music and earn fan power by making
the music a hit. We’re bringing Play to Earn to the music industry,
and we just completed a $2.2 million pre-sale of the platform’s
native $CO token last month. Our first NFT campaign in
collaboration with actor and artist Emery Kelly has been a great
hit. Q: In any trend, there are supporters and detractors. What
would you say to those that don’t understand the power of
blockchain? How NFTs in general, and Corite in particular, are
going to provide them with a better experience? A: NFTs are unique
digital assets that can represent anything and enable new ways for
fans and artists to interact in meaningful ways. They allow fans to
show their dedication and ensure artists can offer one-of-a-kind
experiences, VIP access, exclusive discounts, and merch. That is
why I believe NFTs have the potential to become as important to
generation Z as music videos once were during the hay days of MTV
in the 90s. Q: What do you think has fueled the NFTs craze we saw
in recent months? Do you share Beeple’s view that the entire sector
is a bubble? A: I don’t know anyone who would say ‘no’ to an
autograph from their idol, and NFTs are the next evolutionary step
here. You can invest in a distinctive piece of art created by an
artist that will never fade, and it’s something you can pass along
without the need for external validators. Of course, the sector is
still to reach maturity – for example, there are quite a few
badly-designed NFTs that are selling for millions of dollars out
there, but we’re getting there. As more professional content
creators, producers and artists enter the scene, the quality will
go up. Q: Recent surveys have shown that younger generations have a
positive disposition to adopt digital assets. Which role platforms
such as Corite will play in the next decade as Millennials benefit
from a massive wealth transfer? A: Without a doubt, NFTs are here
to stay, and they are much more than collectibles. Basically,
NFT is a music investment that has been made available to the
public. Consider supporting your favorite artist through a
Kickstarter campaign in exchange for a percentage of the profits
rather than merchandise or concert tickets only. It works wonders
for prominent artists with millions of followers, allowing them to
fund songs and albums with a single social media post, but also for
the talented unestablished artist taking the first steps with the
support of friends and family. In return, fans earn a share of
artists’ success, while actively helping them with the promotion
using our play to earn model. Corite and our CO platform will help
artists understand and explore the NFT space offering turnkey
solutions from creation and mechanics to distribution and
marketing.
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