On November 25th 2021, our community had a chance to welcome Mr. Mattias Tengblad - CEO of Corite to join an AMA to deliver fruitful information about the key features and roadmap of the project.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
Corite (https://corite.com/emotions/) is launching its first collection of digital merch for US artist Emery Kelly.
At this AMA, Mr. Mattias Tengblad directly greeted the community and provided detailed information on the project as well as some exciting events that will be held in the near future.
Time: 20:00 PM (UTC+7) | Thursday, 25-11-2021
Reward Pool: 100$ for members with the best questions.
Below are some main points of this AMA session:
PART I: INTRODUCTION OF CORITE:
1. First, please briefly introduce your team and some main features of Corite.
Mr. Mattias Tengblad: Yes of course, I'm Mattias and I’m the CEO of Corite, Corite is a platform powered by fans and artists to finance and promote music, while having fun on the way. Fans invest in and support their favorite artists to give them resources and possibilities to realize their dreams. We want to build a decentralized platform based on our proven model for independent artists and fans to co-create, fund and promote music. Using fan power, artists can engage and reward their fans in every aspect of their career and share success together. We are based in Sweden but have a global team of experienced people from the music and crypto industry.
2. How is your project progressing? How did you get started and what has Corite achieved since then?
Mr. Mattias Tengblad: We have successfully run corite.com since late 2019, which is our current FIAT model. This has given us many important insights that we now bring into the world of blockchain. We believe in the power of fans and communities - which has been one of our biggest focuses since day one. Tapping into blockchain and all the possibilities that come with it will only open up even more opportunities for both artists and fans. We know that our model works and it is competitive. Now it's time to add even more value to it! We have also an extraordinary team with a unique mix of music and blockchain experience. In the end it's all about the execution 🙂
3. Next, please share some upcoming events of Corite to attract more users to the ecosystem
Mr. Mattias Tengblad: Chúng tôi đã phát hành hơn 700 bài hát kể từ khi bắt đầu từ khắp nơi trên thế giới, và chúng tôi vừa mới ra mắt chính thức tại thị trường Hoa Kỳ và hiện đã sẵn sàng để mở rộng quy mô toàn cầu. Chúng tôi còn rất nhiều công việc khó khăn ở phía trước, nhưng chúng tôi đã có một khởi đầu thực sự tốt. Chúng tôi đã đảm bảo vốn cho giai đoạn đầu và hiện đang phát triển đội ngũ của mình hơn nữa. Ưu tiên quan trọng nhất của chúng tôi là đưa MVP blockchain của chúng tôi ra mắt và mở cửa cho các đăng ký sẽ diễn ra trước Giáng sinh. Chúng tôi cũng đã bắt đầu đưa ra các khái niệm xoay quanh NFT và những cách mới để người hâm mộ có thể kiểm soát cùng với các nghệ sĩ. Theo dõi các bản cập nhật và thông báo mới trên mạng xã hội của chúng tôi và tại corite.org hoặc https://twitter.com/Coritecom
PART II: PRE-COLLECTED QUESTIONS FROM TWITTER
1. From @jerryevaan
Now NFT is booming ,many artist/creator still don't clearly understand NFTs especially because it still lack of editing platform,people still don't know much how to make their own NFTs & the gas fee especially in ethereum based token is very high. How your solve this problems?
Mr. Mattias Tengblad: This is a very good question and a big challenge. I would say a majority of the music artists out there today would like to do an NFT project (NFTs are the hotest buzz word currently) but as you point out artists necessarily don’t know what it is and they definitely do not know how to make it successfully. Therefore we just announced our NFT studios with the ambition to give artists a turn key solution to a successful NFT project. Our first example of this was launched at Times Square NYC some weeks ago with a great result. Check it out here: https://corite.com/emotions/
Gas fees is also a great obstacle. We will move our future NFT drops from chains with high fees and focus on the ones with low. On our own platform there will be extremely low fees due to the modern technology of the Chromia blockchain.
2. From @Lindango489
Most of the NFT products don't have a market value, just stay in their wallet, earning no profit at all. So how can we believe that NFTs in Corite will not be like this? What are the utilities of NFTs in Corite's platform? Can we monetize this?
Mr. Mattias Tengblad: You are absolutely right. We believe in building a decentralized platform run by the artists and backed by their fans. We want all community members to share the success as the music and the platform grows. Therefore our Corite "original NFTs" always will include collateral CO tokens, meaning that the future potential market value increase will come both from the potential success of the artist and the success of the platform. We believe this will be a good way to tackle the problem you’ve identified. But of course, not all NFTs will have a value increase. You should always invest in an artist by heart and for the love of the music rather than wallet. If you love what you hear you should back it and push it! Then you and the artist will share the success together. Hopefully you will be able to spot the diamonds in the rough!
3. From @Maccaao
I see that you have implemented a very interesting system to obtain NFT. But knowing that overproduction of these assets leads to their devaluation and market destruction, how will Corite manage to maintain a balance between production and demand of NFTs to avoid these problems?
Mr. Mattias Tengblad:
I think you are right. As the market grows the number of NFTs produced will accelerate, but so will the audience and the market. As I see it, the important thing going forward is to create NFTs with real value. This has always been the case with music. A great song has a chance to become a hit, a bad one hasn’t. Same goes for visual art. Who would buy a bad painting on the secondary market in the physical world?
4. From @Kbriefy
Without sufficient fund its impossible to carry out the project's development whatever it is good. In my opinion, the main priority of every project is to have sufficient funds to run a project. Is your team financially able to push Corite up? How Corite generate revenue?
Mr. Mattias Tengblad: Correct, as this market will be highly competative you will need finacial strength to compete. We have already successfully secured the proper funds during the fall to build a great and outstanding platform and team. Our revenue model going forward will be revenue share based, cutting a fair share of the artists royalties or other revenues generated using the platform.
5. From @AlamyJoy22
Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project? And do you have any plan to create other feature? Maybe yield farm, stake, or NFT project? Can you explain more detail?
Mr. Mattias Tengblad: We are still working on the governance system and will scale this over time. That being said, the project will be decentralized in terms of governance (based on the $CO token) but also in making protocols and APIs to be used for development. As we're about Fan Power and engaging fans, we want to see a thriving eco system of people coming up with creative ideas around how to market music they love and have a vested interest in. This can be both by creating the tech, or coming up with the suggestions. In the start this will be centered around competitions and challenges for the community to decide the "winner" of, but over time we believe many interesting projects will blow up. We're already seeing people offering marketing services to artists on our platform. As with all crypto projects we share our white paper at corite.org and this will guide the process in making the ecosystem more decentralized over time. Somebody just needs to set the ball in motion, and that's our current team!
CF: Much appreciation to all the insightful answers from our Guest. The community must be really interested in becoming part of Corite. Let's continue with the last part of today's AMA: Live questions. In this free-asking part, all members will have 2 minutes to make questions for our Guest today. Feel free to ask and he will explain gradually in his answers.
PART III: BEST LIVE QUESTIONS IN CRYPTOFAMILY GROUP
1. I am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, does you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?
Mr. Mattias Tengblad: Love this one. Yes! this is a great idea and exactly in line with how we want to build this. If there are any great developers out there interested in building this together with us, please ping us!
2. Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your platform and keep them long term.
Mr. Mattias Tengblad: You are right, marketing will be key both long and short term. We believe we have a strong product, team, capital and network already. We are music business insiders as well as serial entrepreneurs. We're also partners with high profile independent music label Hitco Music in the US. Multiple advisors, investors such as Kyros and significant KOLs in the crypto space and music business have joined so far. Perhaps even more important are the artists and the fans themselves which already are using our platform. The $CO token will serve as the native token of our platform and will be used to drive and reward behavior that builds value, such as investing in and promoting music.
Most importantly, we have always focused on the ordinary fan, with no prior knowledge of the financial sector. Backers invest in music and use our platform because they love music and they only need to have ears to make up their minds 🙂 We'll be using Chromia which is the tech powering the most successful launch on Binance this year: the builder game My Neighbor Alice. Like Corite, it's been dreamed up to work for the mass market. This will involve striking a balance between a more centralized model in the beginning with custodial wallets, while allowing advanced cryptoheads to have fun and contribute as well. As we're doing this together with some of the most experienced people in the industry who once worked with Vitalik and other pioneers to create early tokens, we are in a really good position!"
3. What is your strongest advantage that you think will make your team leading the market?
Mr. Mattias Tengblad: Me and Emil, my co-founding partner are true music lovers and we've been working together for many years. We spent five exciting years together at Universal Music at the time Spotify was launching. Since then the music industry is growing fast, and competition is fierce among millions of artists. Three years ago we came up with the Corite concept and I belive we have the chance to disrupt the industry at its core. Corite will help the growing number of independent artists with new, innovative solutions to finance and promote their projects, utilizing the fan community to cut through the noise of 60k songs released every day on Spotify and other digital service providers.
The new music industry will be driven by hundreds of thousands independent artists using the power of the fans to grow their careers. Blockchain technology is the perfect answer to this trend, enabling artists to keep control of their art with higher margins and also create new revenue streams monetizing digital art and music. This is what we call fan power and this is what will make us unique. Corite is the platform where artists and fans join forces to build the future music industry, ruled by artists backed by fans. This is what Corite is all about and what wil make us win long term.
4. NFT is a hot topic right now, but NFT isn't just for art. Does your project think there will be many NFT use cases? Why should we take NFT seriously?
Mr. Mattias Tengblad: Interesting question and relevant. As you undderstand I belive a lot in the potential of NFTs for music artists. This is a column I wrote for the Fortune a couple of weeks ago if you want to dig in deeper. 🙂 https://fortune.com/2021/10/29/nfts-music-industry/
5. What major partnerships does you project intend to use or how does your project bring its products to the average consumer - especially non-crypto users?
Mr. Mattias Tengblad: We believe we have a strong product, team and network already. We are music business insiders as well as serial entrepreneurs. We're also partners with high profile independent music label Hitco Music in the US. Multiple advisors and KOLs in the crypto space and music business have joined so far. Perhaps even more important are the artists and the fans themselves which already are using our platform. The $CO token will serve as the native token of our platform and will be used to drive and reward behavior that build value, such as investing in and promoting music.
Most importantly, we have always focused on the ordinary fan, with no prior knowledge of the financial sector. Backers invest in music and use our platform because they love music and they only need to have ears to make up their minds 🙂 We'll be using Chromia which is the tech powering the most successful launch on Binance this year: the builder game My Neighbor Alice. Like Corite, it's been dreamed up to work for the mass market. This will involve striking a balance between a more centralized model in the beginning with custodial wallets, while allowing advanced cryptoheads to have fun and contribute as well. As we're doing this together with some of the most experienced people in the industry who once worked with Vitalik and other pioneers to create early tokens, we are in a really good position!
CF: Thank you so much for taking your time to join our AMA today, as well as thanks our members for raising hundreds of good questions for the project.
Seems like there're many things to learn more, but I'm afraid the time is up now. For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below:
➡️ Telegram: https://t.me/corite
➡️ Twitter: https://twitter.com/Coritecom