Corite, a New York-based fan-powered music platform, announced on Tuesday that it would launch the latest project from music producer Rico Love, whose project expects to launch a sale of exclusive NFTs.
According to the news shared exclusively with Finance Magnates, Love, who has written and produced tracks for artists like Beyoncé, Usher, Nelly, Trey Songz, will join forces with Corite on fan-funded campaigns for six up-and-coming artists culminating in six EPs with three songs on each. Moreover, the exclusive NFTs will be on sale through Corite’s forthcoming blockchain platform, built with ChromaWay.
“One of the most rewarding aspects of my work has been empowering young artists. The existing recording industry model makes it difficult for many of them to find their way, and I’m excited that Corite sees a new path forward—where fans both fund and share in the success of the artists they believe in. With my new project, I’m looking forward to working with exciting new talents–Ariale, Branbaby, Pheli, Rubina, WatchJazzy, and WifeyBaby and can’t wait to share their music with you,” the music producer commented on his project with Corite.
The artists WifeyBaby and BranBaby will release the first six tracks from Rico Love Presents’ project on the fan-powered music platform, which was founded by Universal Music alumni’s Mattias Tengblad and Emil Angervall, both CEO and COO, respectively, and that offers services such as global distribution, fan-funded advances, and promotion, music marketing, playlist pitching, NFT creation.
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“Launching Rico’s project is an exciting step for us. His phenomenal talent for nurturing artists and producing great music makes him an ideal partner in our mission. Having a songwriter and producer of Rico’s caliber work with us inspires fans and generates confidence from the artists—the communities we serve,” Mattias Tengblad, Corite’s CEO, said.
Also, the company completed a $2.2 million pre-sale of its native $CO token.
NFTs and the Music Industry
In March of this year, artists like Grimes and Beeple made headlines with multi-million dollar token drops. Since then, artists of all levels of fame and success have been jumping onto the trend left and right.
Additionally, NFTs have begun to pop up in the music world. 3LAU and Eminem have both sold or announced the sale of NFTs associated with music. However, the details of what is actually ‘owned’ when an NFT is purchased are somewhat dubious.