Corite is a platform that allows fans to invest in an artist’s song in exchange for a portion of the streaming revenue generated on platforms like Spotify and Youtube. The idea behind the platform is easy to understand – artists set a fundraising goal for a song, tell users what the money will be used for, and estimate the number of streams they are hoping to achieve within a certain amount of time.
Based on the number of streams a song receives, investors make back a part of (or even more than) their original contribution. What makes the platform really exciting is the prospect of a song going ‘viral’ and generating an unexpectedly large number of streams, resulting in significant revenue for both the artist and their backers.
The platform has proven popular with independent artists, who are able to obtain the funding necessary to produce and market their tracks while ultimately retaining the legal rights to their material. The platform has already completed dozens of successful crowdfunding campaigns through the use of traditional payment solutions, such as PayPal.
With the addition of Metamask support, Corite users can now invest in artist campaigns and receive streaming royalty payments directly from their Binance Smart Chain wallets. The feature will launch with support for BNB Chain and accept user deposits made in BNB, USDT, BUSD and USDC.
“The vision of Corite has always been to remove barriers to entry and build the largest community possible – the integration of cryptocurrency payments streamlines the onboarding process for crypto native users and is part of our long term strategy to embrace decentralization” -Mattias Tengblad, Corite CEO
The move is an important step in the platform’s transition from a traditional design to a Web2/Web3 hybrid design. Corite is expected to launch its own cryptocurrency token on BNB Chain under the ticker $CO later this year. The token will be used to enhance the platform by introducing new features like user rewards and community governance.
To incentivize existing and new users to connect their crypto wallet to the platform, Corite is running a Beta testing promotion which offers a bonus of up to $200 paid in cryptocurrency to anyone who invests in an artist. For full details and conditions, check out the Beta test landing page on their website.