Will blockchain-based marketplaces change the game for content creators?
Content marketplaces are one of the most centralized and monopolized spaces on the internet. The $4B industry is under the control of a few digital giants who control the process and reap most of the benefits in return. WeMark is here to provide a solution for the unreasonable system in place by cutting out the middleman and giving content creators the value they deserve.
Existing content marketplaces such as Getty Images and Shutterstock control most of the photographic content on the web. Content creators who want quick access to consumers find it valuable to use these platforms because they are the only tools available for showcasing material, but this system is unfair and outdated. When using these agencies, creators are forced to hand over most of their rights and most of their profits to the agency. Photographers give up roughly 85% of their profit to agencies, which leaves them with only a fraction of the contents actual value. If only there was a way to exchange content without having to go through a money guzzling agency. Thanks to blockchain technology, WeMark has created a more legitimate and fair way to exchange content online that could replace the existing agencies that are currently in control.
By operating on the blockchain, digital content can be exchanged directly from creator to customer without having a third party controlling fees and regulations. Creators will now be able to license their content directly to customers by use of smart contracts. Once the content is registered on the blockchain, the creator can decide on the price, the license type and any further restrictions or regulations. The contract will then be automatically secured by use of WeMark tokens (or WMK). This system creates a direct relationship between creator and consumer where both sides benefit from transparency, clarity, and immediate transaction.
The solution that WeMark provides is a perfect use-case of how blockchain can resolve issues within the digital economy. The blockchain platform ensures security, authenticity and transparency while benefiting both parties. WeMark has a promising future, as the platform already has thousands of users and is the leading blockchain-based marketplace of its kind.
WeMark certainly provides a new and improved way of selling and purchasing content. Instead of receiving $0.25 per download and giving up all of their content rights, photographers are now able to decide the worth of their own material and don’t have to worry about being ripped off. With that being said, it’s still hard to make predictions on WeMark’s success in disrupting the entire stock media industry. They will have to compete with some of the biggest players in the game. Will existing agencies adapt to the call for decentralization? Or will WeMark be the new go-to for content creators?