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Crypto Adoption Begins With Fan Power. Corite’s CEO Discusses NFTs, Blockchain, and Democratizing the Music Industry Through Technologies.

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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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TA: Ethereum Prints Bearish Technical Pattern, Why It Could Revisit $2.2K

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Ethereum failed to surpass $2,725 and started a fresh decline against the US Dollar. ETH price could continue to move down if there is no move above $2,500.

  • Ethereum failed to clear the $2,700 and $2,725 resistance levels.
  • The price is trading below $2,500 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if there is a clear move above the $2,500 resistance zone.

Ethereum Price Tops Near $2,700

Ethereum started a decent recovery wave above the $2,500 and $2,550 resistance levels. ETH even cleared the $2,600 level and the 100 hourly simple moving average.

However, ether price failed to gain strength above the $2,700 level. A high was formed near $2,729 and the price started a fresh decline. There was a break below the $2,600 and $2,500 support levels. Besides, there was a break below a key bullish trend line with support near $2,500 on the hourly chart of ETH/USD.

The pair traded below the 50% Fib retracement level of the upward move from the $2,171 swing low to $2,729 high. Ether is now trading below $2,500 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $2,450 level. The first major resistance is near the $2,500 level. A clear move above the $2,500 resistance might start a steady increase. In the stated case, the pair could rise towards the $2,650 level.

If there is an upside break above $2,650 resistance, zone, the price could even attempt a move above the $2,700 zone. The next major resistance is near the $2,850 level.

More Losses in ETH?

If ethereum fails to start a fresh increase above the $2,500 level, it could start a fresh decline. An initial support on the downside is near the $2,340 level.

The first key support is now forming near the $2,300 level. It is near the 76.4% Fib retracement level of the upward move from the $2,171 swing low to $2,729 high. The next major support for the bulls may perhaps be near the $2,200 zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,300

Major Resistance Level – $2,550

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Bitcoin Bulls Continue to Double Down on $100,000 Prediction

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Despite the fact that the end of 2021 suggested that there could still be some concern in regard to the volatility of the market, there is no doubt that last year was huge for the cryptocurrency industry and one that was huge in general.

Indeed, there were a number of different things to look out for including things such as non-fungible tokens (NFTs) and decentralized finance (DeFi), Ethereum (ETH-USD) and smaller cryptocurrencies, however it is was also a year that had plenty of impact on Bitcoin.

The cryptocurrency, which had experienced a number of fluctuations over the last 12 months, had managed to hit an all-time high of a price near $69,000 in November, however it had been reduced to around $47,000 recently, leaving its market capitalization to being its second lowest and around 40% according to TradingView data.

Nonetheless, this has not stopped many bulls from predicting that Bitcoin will still be able to reach the $100,000 price that many have hoped it would, with many standing strong in their prediction and seemingly having as much confidence in it happening as before.

Naturally, there are a number of different factors that many individuals and experts may look to point to when it comes down to trying to back their prediction, with the gambling industry perhaps one of the biggest. Crypto gambling is an activity that is enjoyed by many holders of virtual currency, with the use of a Bitcoin casino continuing to increase due to the benefits that gamblers are able to enjoy when playing their favorite games. Additionally, to further support the suggestion that Bitcoin has benefited from this particular industry and will likely continue to do so, a study by Thomas Conlon and Richard McGee in 2020 has already shown that the crypto token had enjoyed an increase in price once before because of the wagering industry.

CryptosRus George Tung told Yahoo Finance that whilst in the “short-term, there may be some volatility,” he felt that in the “long-term, inflation is going to be a continuing issue, and bitcoin is seen as the best hedge against inflation at this point.”

Blockstream’s chief strategy officer Samson Mow also appeared to double down on the prediction that Bitcoin will be a six-figure price by suggesting that it could happen inside the next six months. He stated: “We’ll see $100k within the first half of the year.”

How did it also reveal that Bitcoin will still be a rather risk-sensitive asset over the short-term, with a number of different factors at play, but also stated: “on a long enough time horizon, [Bitcoin] does its own thing.”

El Salvador President, Nayib Bukele, has recently echoed the opinion that Bitcoin will also be able to reach the $100,000 price in 2022, as he made a number of strong predictions whilst taking to Twitter and posting a tweet to all of his followers.

One of the predictions that he made that could help the digital asset to become a six-figure coin was that he felt two more countries will adopt the token as legal tender in the next 12 months, thus joining the Latin American country in becoming amongst the first to accept it.

Mow highlighted that “[Bitcoin] mining at the national utility level is the first step,” and a number of countries have seen the market resurface. Despite the fact that China banned cryptocurrency mining in June 2021, countries including Canada, Iran, Germany, Malaysia, Russia and the United States have all seen a resurgence in market interest, according to research compiled by the Cambridge Bitcoin Electricity Consumption Index (CBECI).

Some would suggest that Bukele’s and Mow’s thoughts are shared, though, due to the interest that they have together after a partnership was announced that would see them offer “volcano bonds”. Half of the billion-dollar sovereign debt would be going towards financing “Bitcoin City ” which would harvest nearby geothermal energy from a volcano to mine Bitcoin.

Mow stated that a “zero tax on everything” development zone would help to transform El Salvador into the “Singapore of Latin America,” however it should be noted that the bond is not yet available, as Blockstream continues to work with a number of brokers. The other half of the 10-year bond offering will be converted into Bitcoin, with a coupon of 6.5% being carried over the next decade.

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DCD Ecosystem Launches Decentralized Solution For Game Developers

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The growing popularity of the decentralized gaming market is driving demand for new infrastructures capable of supporting the deployment of new gaming formats. The DCD Protocol has announced that it is launching a tailored solution that would allow game developers to release their projects using a broad range of convenient and flexible instruments.

The DCD Ecosystem development team has announced that it will be deploying a solution that will make blockchain technologies accessible to a wider range of developers. The Protocol was developed as part of an ongoing initiative by the team, which had previously launched specialized training sessions and video lessons on how to create games on the DCD Ecosystem.

The development team states that the optimal application for the DCD Ecosystem encompasses any games that can use the capabilities of blockchain to some extent. Game developers are often in need of implementing various blockchain-based tasks, such as filing fully on-chain logic, storing player accounts and lists of in-game items, or developing in-game decentralized exchanges. The DCD Ecosystem will provide such opportunities, as well as the necessary tools along with understandable documentation. The development team is confident that the launch of the DCD Ecosystem will help game developers focus on the quality of the games and will allow them to leverage the capabilities of the blockchain in full.

Another feature the DCD Ecosystem will be introducing has been dubbed the up-layer. The DCD Ecosystem team has refrained from the popular Layer-1 and Layer-2 titles, as the solution is being developed on top of existing blockchains, interacting through bridges.

The project team is intending on integrating the DCD Ecosystem with the most popular chains in the next two years, allowing the community to onboard seamlessly and enjoy decentralized gaming. Among the interface functions on offer will be basic gaming task toolkits, including VR displays, and other useful features that will allow game developers to tap into the potential of blockchain infrastructures.

The DCD Ecosystem is also preparing to enter into partnerships with game studios to deploy some of the games inside metaverse settings. The appropriate architecture is currently being developed to allow such integration.

The DCD Ecosystem is aiming at transferring a significant part of blockchain-based gaming projects to its solution or allowing them to take advantage of its ecosystem.

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