Wemark ICO
Major photo banks, such as Getty and Shutterstock, have emerged as an alternative to traditional photo agencies, which hired photographers and set their own terms of contracts.
Photographers and designers had to contact the Agency, because only the Agency had access to a large client base.
But photobanks, the first of which was Getty, turned the art industry and offered photographers favorable conditions, providing access to a wide user base without the need for employment, which allowed them to manage their time.
For content authors, it was a breath of fresh air. But as soon as the banks have captured a large part of the market, the situation repeated itself, and the photographers noticed a significant reduction in their income.
In addition, the copyrights of the photo banks were kept, which allows them to transfer the content to a third party and set the price without taking into account the opinion of the authors.
The WeMark platform aims to transform the art industry and provide independent photographers with the most favorable conditions for work.
The Technical Aspect of Wemark
From a technical side of things, there is nothing complex about the approach that the project is going to be taking. They are looking at a decentralized marketplace with the entire platform being based on Ethereum providing those anti-fraud measures as well as the stability of the marketplace that both parties would be looking for.
There is complete transparency with the transactions being placed on the blockchain and able to be viewed by both parties. This is key when you are dealing with direct sales as it shows both parties that the other is able to complete the transaction without any problems.
Also, when the creator uploads an image, a distribution contract is created between both the creator and the platform. This contract cannot then be altered later on and it is designed to give the platform the rights to then distribute the content.
Whenever the buyer sees an image that they like, then a Smart Contract will be created in order to complete the peer to peer transaction. This is the aspect that is placed on the blockchain and is transparent with the exchange of tokens taking place in order to complete the transaction.
In completing the transaction in this way, it removes the huge fees that other companies take when they act as the third-party in the transaction meaning the creators are in line to earn more money for their work.
The Advantages of Wemark
It’s easy to see the advantages of the platform especially for the creators themselves. By removing fees that can sometimes top out at 85%, it means they can make more money even if they charge less for the image creating a win-win situation for both sides.
Also, as the buyer is dealing directly with the creator, it does give a sense of authenticity to the shot and increase confidence in them then being able to use it without the fear of it potentially having been stolen from elsewhere. Furthermore, as it is processed via the blockchain, then the actual payment side of things is substantially faster than via the stock companies that are already out there.
But then there are also the rewards on offer for those people that bring other creators to the platform or promote the content that is already on there.
By doing this, it will clearly build the marketplace and thanks to the blockchain, there will be no issues with a substantial number of payments being processed at the one time so it could handle the potential influx of new creators or buyers.
Blockchain
Blockchain and its technology (unchangeable registry, smart contract, cryptocurrency) will be able to replace the traditional channels of digital content distribution. Also, modern methods of distributing digital content will help authors to get a large audience. Blockchain marks a new era in which the main content distribution functionality is integrated as follows:
- Licensing of content on behalf of the author;
- Providing direct user access to content;
- Rewarding marketplaces, and referrals for the promotion of the author's content.
Ultimately, the blockchain is becoming an intermediary indirect transaction between authors and clients.
The economy of the token and the details of the ICO
Tokens WeMark established on the basis of blockchain Ethereum, and is used to pay for platform services, and the remuneration of authors and users in the framework of the loyalty program. In the future, new features will be added, such as Studio equipment rental and hiring photo models.ICO started on may 7 and will last until June 21. To successfully launch the platform, the team needs to raise only $8 million.
Tokens will be distributed as follows:
TEAM
WeMark offers distribution agreements between creators and marketplaces. These agreements are immutable. Through the agreements, both creators and marketplaces can reach win-win solutions. The agreement is digitally signed.
After being signed, the blockchain will deploy the contract and its terms that contain the licensing price, issuance of the license, distribution fee, and sort of. The blockchain prevents anyone to change, deny, and remove the agreements by any means. I
t will keep the contracts secure and immutable. Unless there is a consent of all involved parties, there is no way out to make any changes to the agreements.
So, it is clear here that the smart distribution agreement is very different from the traditional one. Powered by Ethereum smart contracts, the smart agreements are able to distribute revenue automatically, receive payments and issue licenses.
You can find detailed information on the following links:
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