Corite, a Stockholm-based fan-powered music platform, has announced that it opened a new private funding round for its blockchain platform, Corite CO. According to a press release shared exclusively with Finance Magnates, the new funding round comes after the platform successfully raised $2.2 million earlier this year with the support of firms like ChromaWay, Hitco Entertainment, Kucoin and NGC Ventures.
The firm, founded by Universal Music alumni Mattias Tengblad and Emil Angervall, the CEO and COO, respectively, offers services, such as global distribution, fan-funded advances, promotion, music marketing playlist pitching and NFT creation. Since April 2021, the platform has been working on the project and offers a play-to-earn model that rewards active fans with NFTs and digital merchandise.
As of press time, investors in Corite include the music industry and crypto companies, such as Coinco, Coin98, Kucoin, Kyros Ventures, Exnetworkcapital, Bella Finance, 1001 Capital, Hilbert Capital and others.
Nowadays, the ongoing project collaborates with famous music producers, artists, and investors such as LA Reed, who worked with Beyonce, Kanye West, Rihanna, Bon Jovi, Justin Bieber and was credited for the musical comeback of Jennifer Lopez with her 2011 album, Charles Goldstuck, and Swedish pop star Danny Saucedo.
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Moreover, Corite stated that its platform would include a set of features powered by the native $CO token, allowing users to purchase ‘Corite Originals’ NFTs, participating in artists’ crowdfunding, among other activities. Moreover, the platform will conduct a series on NFT drop, with the first one to be deployed during the NFT NYC Conference on November 2.
NFTs and the Music Industry
In March of this year, artists like Grimes and Beeple made headlines with multi-million dollar token drops. Since then, artists of all levels of fame and success have been jumping onto the trend left and right.
Furthermore, NFTs have begun to pop up in the music world. 3LAU and Eminem have both sold or announced the sale of NFTs associated with music. However, the details of what is actually ‘owned’ when an NFT is purchased are somewhat dubious.