Corite Releases New NFT Collection Honoring Top 100 Artists
To celebrate the dedication of the artists active on the platform, Corite will be releasing the art and music of the top 100 artists as NFTs. The new collection will be launched as “Original Artists NFT Collection”.
Each NFT will contain artwork and a 30-second excerpt from a song that has been released worldwide. Every day the platform will open 1,000 NFT mints for 10 unique artists. The order of 1,000 NFTs will be randomly sorted.
Each registered Corite user and wallet can mint 1 NFT per day before 10:00 AM UTC, the first chance to mint will be on 6 June. Each NFT will cost $5 (approximately 0.017 BNB) plus gas fees on BNB Chain. Sales revenue will be redistributed to artists and their supporters just like Spotify, TikTok, or YouTube Music.
Each NFT comes with a base allocation of $10 CO tokens, which are Corite’s utility token, which is yet to be launched. This means that if mint 1 NFT per day for 10 days, the user will be entitled to get 10 x 10 = 100 CO in the future. Once you have NFTs in your wallet, you can trade them on the secondary markets.
In addition, for each NFT owned, the user will receive an additional CO allocation with a multiplier of 2% of the total allocation and rounded up. Assuming the user is having 2 different NFTs, besides the base allocation of 10 + 10 = 20 CO, the user will receive an additional 20 x 2% = 0.4 so the total gain is 20 + 0.4 = 20.4 rounded to 21 CO.
- 15 days after the CO TGE (token issuance) event, Corite will conduct a snapshot of the NFT balance and perform the CO allocation as above.
- After 180 days of TGE, owners can burn NFTs for additional CO.
Corite was founded in Sweden in the fall of 2019 by music giants like Mattias Tengblad and Emil Angervall. Corite is designed to allow artists to receive sponsorship and marketing support from the fans themselves, who will receive a share of the revenue generated by the artist.
Corite decentralizes the traditional record agreement model, allowing independent artists financial and creative freedom to interact with fans. Everyone is a music expert. Great art comes from breaking old norms and rules. The company believes that the future of the music industry will be driven by the power of fans under the powerful influence of Web3 and blockchain.
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