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. Utility and potential uses for these assets has been disruptive to music, art, sport, movies and other media. We humans are willing to travel a great distance to get a rare piece of history, prestigious art or anything that connects us with our passions.
Corite is a Stockholm-based music crowdfunding platform. It plans to use these trends to create a blockchain platform that will leverage NFTs and transform the industry into a billion dollars. Mattias Tengblad is the CEO of Corite. We discussed the rise in NFTs within financial markets and the potential for crypto to be mainstreamed.
Q:Could you please tell us about yourself? Why did you choose to place your bets on NFTs and digital assets?
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. Since late 2019, corite.com has been running successfully. This experience gave us valuable insight on how blockchain technology can be used to create more opportunities for artists as well as fans. Corite is a decentralized record-deal model that gives independent artists creative and financial freedom, while engaging fans in new ways. Their bond strengthens when musicians and their admirers share in the project’s success. We believe that fan power will drive the music industry’s future. Also, the NFTs are able to help artists monetize their digital artwork and music. This will allow them to have control over their works and provide new revenue streams.
Q: Tell us about the latest achievements and how they drive the platform toward its ultimate goal. to make music more accessible?
A:Already thousands of Corite fans use the platform. CO is a blockchain platform that allows musicians to create and share digital art. By backing music they can get song sharing and fan power will be earned by making their music popular. 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. The success of our first NFT campaign with Emery Kelly, actor and musician has been overwhelming.
Q: Every trend has supporters and enemies. What would you say to those that don’t understand the power of blockchain? What NFTs and Corite can do to make their lives easier?
A:Unique digital assets called NFTs can be represented in any way and provide new opportunities for artists and fans to connect with each other. These allow fans to express their loyalty and enable artists to offer exclusive discounts, VIP access and unique merchandise. NFTs could be as vital to Generation Z’s future as music videos in the 90s.
Q: You think there are some factors that have fueled this NFTs-craze in the 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. The quality of the content will rise as more professionals enter the market, including producers, artists, and content creators.
Q: According to recent surveys, younger generations are more likely than ever to embrace digital assets. What role will platforms like Corite play as Millennials gain massive wealth transfer in the coming decade?
A:NFTs will be around for a long time, but they’re more than just collectibles. NFT simply means a music investment made accessible to the general public. Support your favourite artist by supporting them through a Kickstarter campaign. You will get a portion of the proceeds, not merchandise or tickets. The Kickstarter campaign works great for well-known artists, who can fund music and albums by posting a simple social media message. But it’s also great for talented, undiscovered artists, who are able to take their first steps in life with the support and encouragement of family and friends. In return, fans earn a share of artists’ success, while actively helping them with the promotion using our play to earn model. Corite and the CO platform can help artists explore and understand NFT. We offer turnkey solutions for everything from distribution and marketing to creation and mechanics.