Event Closed

Description

As Corite has now become a Web3 project we wanted to celebrate some of the artists that have been using Corite as a way to include their fans in their success. We thought that a simple yet meaningful way to do this would be to release NFTs based on the artwork and music from 100 independent artists that have made successful fan campaigns on Corite in the past, while also giving fans a chance to secure Corite CO tokens ahead of the token launch. So everyone, please meet the Original Artists NFT Collection.

First chance to mint will be at 6 June, 10 AM UTC
100 artists over 10 days
Each Original Artists NFT will contain artwork and a 30 second snippet from a song already used in a fan campaign on Corite and already released worldwide. Each day there will be a chance to mint 1,000 Original Artists NFTs, split across 10 unique artists, with 100 for each artist. The order of the 1,000 NFTs will be randomized so you won’t know which one you will get ahead of the minting.

Each registered Corite user and wallet can mint one per day, with a day ending at 10AM UTC. The minting will stop after 10 days, which means there will be 10,000 possible NFTs minted. That being said, we reserve the right to stop or extend the minting process for any reason, as we see fit.

Each Original Artists costs 5 USD (approximately 0.017 BNB) plus any gas fees on the BNB Chain. The money from the sale will be distributed to the artists and their backers like other revenue coming from for instance Spotify, TikTok or YouTube Music.

Get the artists, get the $COs
Each Original Artists NFT comes with the right to a base allocation of 10 $COs, which is Corite’s native utility token yet to be launched. This means that if you mint one each day for ten days you would have a right to get 10×10=100 $CO tokens. You could also trade the Original Artists NFTs on the secondary market after the sale is over and thereby acquire more or sell the ones you have.

You gotta catch em all
Now the fun starts! As there will be a total of 100 artists, you will have a chance of collecting up to 100 unique Artist Original NFTs. Each additional NFT will give you a multiplier of 2% of the sum of your NFT’s $CO allocation, rounded upwards. This means that if you have two different NFTs you get 10+10=20 base allocation, and then one extra due to the multiplier effect: 20*1.02=20.4, rounded off to 21 $COs.

With the help of the magic that is mathematics, this also means that the multiplier will have an exponential effect on your allocation. Having collected 100 Original Artists NFTs with different artists will not only give you the 10*100=1,000 base allocation, but actually more than seven times that amount.

You can calculate your multiplier effect at any given time by using the formula:

Base allocation*1.02^(Additional NFTs)-Base allocation

Base allocation: the number of NFTs you have with different artists, multiplied by 10

Additional NFTs: Number of additional NFTs, i.e. not counting the first, that you have

We realize that the above may be tricky for some to understand, so here are examples of how big the allocation multiplier will be depending on how many NFTs you have:

10 different artist NFTs: 1.2
20 different artist NFTs: 1.5
30 different artist NFTs: 1.8
40 different artist NFTs: 2.2
50 different artist NFTs: 2.6
60 different artist NFTs: 3.2
70 different artist NFTs: 3.9
80 different artist NFTs: 4.8
90 different artist NFTs: 5.8
100 different artist NFTs: 7.1
UPDATE 11 June 2022:
We have decided to add an extra Bonus Minting Day, which will add 10 more unique artists and 1,000 new NFTs to the mix. This means that the process will go on for 11 days, not 10, as stated above. All rules will apply as before. This means that the max number of unique artists anyone can have is 110, which gives a possible new and even higher multiplier:

110 different artist NFTs: 8.7
The details
15 days after the Token Generation Event of the $CO token, we will make a snapshot of the wallets holding the Original Artists NFTs. The result of the snapshot will not be possible to appeal. Each holder will thereafter get the base allocation amount airdropped into their wallet, provided that:
The holder is a registered user at Corite
The holder has connected the same wallet address to Corite
The holder has provided accurate and complete information as may be required by Corite, its partners or by law at the time
180 days after the Token Generation Event, each holder can burn their Original Artists NFTs to claim the $CO tokens that is an effect of the multipliers (i.e. the base allocation will already have been distributed in the airdrop).
When burning your NFTs to get the multiplier effect, all Original Artists NFTs used in an allocation will be burnt.
When burning your NFTs the allocation will be optimized to create the largest groups of NFTs, starting with the largest groups first, maximizing your allocation.
The allocation will be handled in sync with our listing partner or partners and all allocations will be pending KYC and any requirements our listing partner may have at the time of the allocation.
We will communicate with the holders through announcements on Telegram, Twitter and other Corite channels that may exist at the time. Any form of communication will be at Corite’s sole discretion.

Event Tags:

• #NFTCommunity