An AMA was held with the Chromia community to address questions concerning Corite - a leading music tech startup.
Corite's Business Development and Marketing Manager, Alexandr Onufriychuk, joined the Chromia Telegram channel to engage with the people and share his insights. The event was hosted by Oliver and Jolina, Chromia’s community managers.
If you weren't able to attend the AMA live, check out this recap to learn more about Corite!
Oliver: Hello everyone and thank you for being with us today! Let’s welcome our guest, Marketing & Business Development of Corite, Alexandr Onufriychuk!
Jolina: We are glad to have you here today, and welcome to Chromia!
Alex: Thank you for having me! I am happy to be here and get up close with the Chromia Community!
Oliver: Perfect! Now let’s get into the AMA proper. Shall we begin?
Alex: Let’s go!
Jolina: First of all, can you please tell us about you and a short intro about Corite?
Alex: Hi, I’m Alex and I’m the Business Development and Marketing Manager I have worked in crypto since 2017.
We are building a world ruled by independent artists who are supported by their fans. Corite is not a record company. There is no A&R (the department responsible for finding talents in the classic label), no trendsetter, and no sleazy fine print. We want to create a new music industry of people without whom the artist cannot exist - his fans.
We help independent artists. In the past, in order for a musician to get into the listener's player, he had to go to labels, where conditions were not the most favorable for them. So in fact, we’re pushing out the middlemen between the musician and his fans. Plus now, fans of the musician can receive a percentage of streaming. In other words, to be an investor of his favorite artist.
Oliver: Great portfolio, Alex! It’s amazing to know that Corite promotes ALL artists' passion, growth and being out in the world without the burden of going through middlemen to get to the fans.
Let’s move on to the next. Can you introduce some of your major backers or advisors who are supporting the project?
Alex: ChromaWay, Kucoin labs, Gate labs, Shima Capital, Rarestone Capital, Kyros Ventures, Titans Ventures, Coin98, Innovion, Everse Capital, ZBS Capital, Parachain Ventures, Oig Capital, Dawnstar Capital and other well known VCs.
Corite works alongside a number of prominent music industry professionals such as L.A. Reid and Charles Goldstuck , founders of Hitco Entertainment, legendary producers Rico Love (Beyonce, Usher) and Konstantin Kersting (Dance Monkey, 4000 studios) and more. Currently, Corite completed 2 fan campaigns with Alan Walker one fundraise was done in NFT form and represend on Binance NFT marketplace and released multiple tracks together with millions of streams.
Jolina: It's very reassuring to know that Corite is working alongside prominent music industry professionals and is backed by many well-known Venture Capitalists, including Chromaway — the mother company of Chromia. We really look forward to what Corite can do in Web 3's music industry.
Now, can you name your competitors? What killing Features does Corite have?
Alex: Our competition are primarily other music distributors and old music labels, as this is the market we will disrupt. The music recording market is today a $27 Billion business globally.
Our main challenge will be to bridge the gap between the old school music industry and the new crypto community. Corite.com is the first platform enabling millions of fans to invest in artists and music they love with money and engagement. Royalty splits and other utilities are secured through smart contracts on the blockchain.
Our vision is to build a truly decentralized platform – ruled by artists, backed by fans, check the ecosystem here - corite.org
Oliver: Awesome. As Corite is actually the first to be connecting music and blockchain, we are very excited to see how it's going to be done and how it will impact the lives of many artists.
Let’s wrap this segment up with- What can you do with $CO right now?
Alex: We've launched our token a couple of days ago and we have several activities going on ByBit. You can find them on our Social Media channels!
Jolina: Whoah! Quite a handful you can do with $CO, good news indeed for the holders!
That’s it for the introduction segment. Let’s move forward to the pre-selected questions from Twitter and Telegram. Ready, Alex?
Alex: Of course!
Q1: Are Corite's biggest competitors platforms like Tiktok, Spotify, Deezer? What is the biggest difference compared to many music-based apps, and what plans will you have for mobile users?
Alex: We are partners with all streaming platforms, they are not our competitors. This is how it works today:
1. The artist starts a campaign and sets a funding goal, which is the same as deciding a royalty advance on an estimated number of streams for one year. The advance will be funded by fans.
2. Fans pre-listen to the track and back it with an amount of their choice. A higher estimated value of the track means a higher price for the backer to get a share.
3. Music is distributed to all major music services (Spotify, Apple, YouTube etc). Backers can then follow the progress and promote the song. Revenues are shared with the backers. During the entire project (1 year) we activate the backer community to help promote the song. In our blockchain based future you will have a chance to get rewarded for those activities, imagine it like a virtual manager game for music!
In our current model, the campaign is 30 days long by default. Thank you for your question!
Q2: I noticed that Corite has partnered up with the project “ChromaWay” that is associated with gaming projects such as “My Neighbor Alice” and “Mines of Dalarnia”. Would you please elaborate to us your relationship with ChromaWay? How does Corite and ChromaWay work together?
Alex: As you are aware, one of our investors is ChromaWay, the mother company of Chromia — and ChromaWay is our strategic partner with whom we are working on our blockchain product and implementation of the P2E model. We are going to launch Fan Missions on our platform very soon, stay tuned.
Q3: When I looked at the artists in Corite, I saw that they have various fundraising goals. Who sets this goal? Why are some thousands of dollars and some two hundred dollars? Also, what happens after these targets are met?
Alex: Good questions. Corite is a platform for all artists and we've done successful campaigns with both new and established artists. Valuation of a release is based on previous streaming history and artists set the goal based on this. We communicate to backers that the investment should be made with their heart rather than with their wallets. The backers don't share any ownership, they just get a share of the revenues in exchange for their investment. This way we hope the relationship stays healthy.
Q4: Corite is included among the most promising top projects of 2022, the top upcoming IEO/IDO projects and the top NFT projects of 2022. Why does corite have so much potential for the future? What is your potential in the present? Short and long term goals?
Alex: So… what are the top tips for success if you're an artist who is determined to make it big through Corite? Well, it includes utilizing the freedom that comes from bypassing strict, exploitative contracts with established labels.
Industries come and go, technologies thrive and then become obsolete. But there's one thing that has endured for centuries: music. Through Corite, gifted artists are finding a new way to ensure their voices are heard — without all of the hurdles and common pitfalls that have long been associated with this cutthroat industry. At the core is fan engagement and what we call Fan Power is what is the hard currency that Corite is built on. Check out this video from Gary V (after the AMA has ended):
Q5: My Question is: I noticed that Corite started as a FIAT platform, what is the reason why your project shifted to web3? How different is this to the old platform?
Alex: You can read my article that will help you to understand in detail all the benefits that we have with our Web3 move.
But in general, with the recent integration of crypto payments via Metamask on BNB Chain (BNB, USDT, BUSD, and USDC), crypto users can now fund artist campaigns and receive song shares on BNB chain. Users who contribute to a campaign will receive a BEP-1155 NFT token in their wallet, representing their right to the revenue shares generated by the song.
However, this is just the tip of the iceberg in terms of the crypto features we plan to implement. We just launched our very own native currency on BNB Chain, $CO. The introduction of the Corite token will open several possibilities, including:
- Granting token holders exclusive perks on the platform
- Staking to get early access to new campaigns
- Allowing token holders to vote on governance proposals
- Rewarding the most active artists and fans
In addition to the above, we will also be expanding the use of NFT tokens to offer artist related collectibles, and more.
Additionally I would suggest you to check research article where Kyros Venture analyzes music in Web3 - https://blog.kyros.ventures/2022/08/03/the-resonance-of-music-nft/
Oliver: Great points! We are looking forward to the growth of Corite and we appreciate all the helpful resources you have provided! 😊
Thank you Alex! That ends our Pre-Selected Questions segment.
Oliver: All Good? Are you ready for the LIVE Questions?
Alex: Waiting for it
Q1: Where can I get all the latest news about Corite ? Do you have a Twitter/Telegram/Discord community? If yes can you share the link here because there are a lot of fake telegram/twitter groups?
Alex: First of all join to our official telegram group - @corite and announcement channel to be sure that it's not a fake - we have a blue badge.
All social linksare represented on our official websites
Q2: Where can I buy your tokens right now? What is your current contract and how can I buy them??
Alex: The ONLY REAL $CO token contract: 0x936B6659Ad0C1b244Ba8Efe639092acae30dc8d6
⚠️ PLEASE ONLY USE THE LINKS & INFO ABOVE AND READ OUR OFFICIAL ANNOUNCEMENTS ⚠️
Q3: What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?
Alex: We have designed Corite as a user-friendly, familiar interface that non-crypto users can easily sign up for and use to contribute to and share in the success of their favorite artists. However, our project has an eye toward the future, a future in which cryptocurrency will play an increasingly important role. Our vision is to blend both of these elements together into a platform that remains accessible to everyone while thoughtfully harnessing the benefits of blockchain technology.
The token utility will have a function in the “Engage to earn”-gamified model that we are building. Besides investing in song shares, users can complete fan missions (platform related or derived from artists) to earn Fan Power points. Rewards can be redeemed using Fan Power points and will be things such as artist-specific NFTs, digital artist merch, access to digital content and live events etc. If a user stakes CO, the user gets a multiplier on the Fan Power generated from fan missions, which in the end gives better chances of getting better rewards.
Artists will be able to use COs to acquire Fan Power allocation for their fans to be used in Fan Missions. The artist will set aside a percentage of the money they raise in order to buy COs and can stake COs for additional Fan Power allocation.
Check it out in the article as well - https://corite.com/news/corite-balances-web2-and-web3-to-deliver-the-best-of-both-worlds
Q4: What is your strongest advantage that you think will make your team leading the market?
Alex: Our CEO Mattias Tengblad was a commercial director of Universal music Scandinavia.
We have a strong team and network with a rare combination of extended crypto and music experience that will be able to develop a competitive product for both artists and fans.
Q5: I am aware that the priority of Corite is for up-and-coming artists or fresh artists. But How about the mainstream artists? Is there a chance for the Team to collab with mainstream recording artists to boost the project?
Alex: Great question! We already work with several mainstream and well established artists and our model works great for them.
One good example is Norwegian super DJ and producer Alan Walker.
Our first Alan Walker campaign was for the song “Unity”. The campaign raised $25,000, with backers receiving a share of streaming revenues for the next 5 years. The song was released on Spotify and all our major streaming services on June 3rd, 2022.
As of early September 2022, the song has reached its break-even goal of 6.3m streams. This means that backers of the Unity campaign will be earning revenue above and beyond their initial contribution until June 2027! This is incredibly exciting for both our users, our team, and Alan Walker. This is undeniable evidence that our model can deliver a win-win-win situation for everyone involved.
Alex: Thanks for having me on this AMA. My pleasure to be with you today �
Oliver: Thank you so much, Alex. We are honored to have you with us today.
Before this AMA ends, do you have something more to share with us?
Alex: LISTEN LIKE IT? BACK IT PUSH IT! 🤘
Jolina: This ends our AMA. Thank you everyone for being with us today. We hope that you have learned something from this session.
Modern society runs on data and every online service you’re using is built upon underlying databases - ranging from your online bank to music streaming and gaming. Chromia is a relational blockchain - a combination of a relational database and a blockchain - making it easy to develop user-friendly decentralized apps for almost any industry, including DeFi, NFTs, gaming, and more.