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. The utility and use cases for these assets have been disrupting arts, sports, movies, and music. On the other hand, we humans have always been willing to go the extra mile to acquire a unique piece of history, an exclusive work of art, or something that allows us to connect with our idols and passions.
Corite, a Stockholm-based fan funding music platform, taps into these two trends, preparing to launch a blockchain platform and leverage NFTs to transform the billion-dollar industry. We sat down with Mattias Tengblad, Corite CEO, to discuss the irruption of NFTs in financial markets, the hype around non-fungible tokens, and their potential to help bring crypto into the mainstream.
Q: Could you tell us a little about your background? How is Corite embracing digital assets and blockchain technology, and why did you decide to bet on NFTs?
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. We have successfully run corite.com since late 2019, which provided valuable insights on how to incorporate blockchain technology to open up even more opportunities for both artists and fans. Corite decentralizes the traditional record deal model, giving independent artists financial and creative freedom while engaging their fans in novel ways. When admirers and musicians share in the success of a project, their bond grows stronger. We believe that fan power will drive the music industry’s future. We are also convinced that by monetizing digital art and music, NFTs enable artists to gain control of their work and generate new revenue streams.
Q: Could you tell us about your latest accomplishments and how they are driving the platform to its ultimate goal, i.e. to democratize the music industry?
A: Corite is already used by tens of thousands of fans. We are currently launching the blockchain platform CO, which provides new ways for artists to enjoy and live off of digital art and music. Fans will get song shares by backing the music and earn fan power by making the music a hit. 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. Our first NFT campaign in collaboration with actor and artist Emery Kelly has been a great hit.
Q: In any trend, there are supporters and detractors. What would you say to those that don’t understand the power of blockchain? How NFTs in general, and Corite in particular, are going to provide them with a better experience?
A: NFTs are unique digital assets that can represent anything and enable new ways for fans and artists to interact in meaningful ways. They allow fans to show their dedication and ensure artists can offer one-of-a-kind experiences, VIP access, exclusive discounts, and merch. That is why I believe NFTs have the potential to become as important to generation Z as music videos once were during the hay days of MTV in the 90s.
Q: What do you think has fueled the NFTs craze we saw in 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. As more professional content creators, producers and artists enter the scene, the quality will go up.
Q: Recent surveys have shown that younger generations have a positive disposition to adopt digital assets. Which role platforms such as Corite will play in the next decade as Millennials benefit from a massive wealth transfer?
A: Without a doubt, NFTs are here to stay, and they are much more than collectibles. Basically, NFT is a music investment that has been made available to the public. Consider supporting your favorite artist through a Kickstarter campaign in exchange for a percentage of the profits rather than merchandise or concert tickets only. It works wonders for prominent artists with millions of followers, allowing them to fund songs and albums with a single social media post, but also for the talented unestablished artist taking the first steps with the support of friends and family. In return, fans earn a share of artists’ success, while actively helping them with the promotion using our play to earn model. Corite and our CO platform will help artists understand and explore the NFT space offering turnkey solutions from creation and mechanics to distribution and marketing.
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