Corite has secured $6.2 million in funding following a seed round and private token sale.
The funding for its blockchain-based project Corite CO will see the project launch in Q1 2022. The CO project secured funding from ChromaWay, Charles Goldstuck, Kyros Ventures, and Kucoin. “Corite is uniquely positioned to help lead the music industry into the music/web3 world,” says Charles Goldstuck, an investor in Corite and Co-Chairman of HITCO.
Corite says it enables artists to drop the traditional record deal model while still releasing on all major music streaming platforms. “By launching fan-funding campaigns on the platform and capturing their social capital, [artists] can generate additional revenue streams, secure the funding and marketing support from their followers, and reward their active backers with a portion of the royalties.”
Corite CO was created in collaboration with ChromaWay, one of its key investors. ChromaWay offers distributed ledger technology (DLT) and decentralized finance infrastructure via its Chromia ecosystem.
The Corite CO platform leverages the play-to-earn model to give artists full control over their content and access to new models of interacting with their fans through NFTs, digital merchandise, and tokens. Corite CO launched its first NFT campaign in November 2021 in Times Square, featuring Emery Kelly’s “Emotions” collection of NFTs.
“NFTs and blockchain technology continues to explode within the music industry,” says Matthias Tengblad, Co-Founder and CEO of Corite. “With our unique product, global community, and strong financials, we are now in a great position. During 2022, we will scale to help artists and fans across the globe to join forces, using their fan power to the max.”
Corite was founded in 2019 by Universal Music Group and MTG alumni Mattias Tengblad and Emil Angervall. It enables independent artists to achieve their vision by turning fans into backers who support them.
In April 2021, Corite started working on the Corite CO blockchain-based music platform. The team will hold a token generation event for the native $CO token – with no date for that event yet. Corite says it plans to announce more collaborations in the coming weeks.