New Blockchain Stock Photo Marketplace Connects Sellers and Buyers
Wemark has developed a new marketplace using blockchain technology for Shutterstock photographers as the company believes the current industrial market provides no benefits and hinders photographers. According to Wemark, big-time photography agencies can claim more than 80 percent of any profit accumulated after selling an image which severely slows down or even stops professional photographers from earning money.
With more than 200M pictures in the database, Shutterstock’s photography individuals stood no chance of distinguishing themselves to earn a steady and proper living through their pictures. Wemark created a new marketplace powered by blockchain as a means of allowing professional artists to profit and gain sufficient income form the growing media content demand by industries.
Through this marketplace, photographers will be easily connected to any potential buyers, licensing any images to companies firsthand. The marketplace will also be more public and involved as well as proper regulations and safety measures.
The developing company’s head executive said that as it goes, many digital content creators often receive a minor share of income and revenue with almost no regulations or protection.
He says that the new marketplace will reshape the industry and that through licensing a user’s content, digital contracts will ensure transactions and connect both parties. The company’s marketplace is currently operating in its alpha stage after its release in July and more than 100K photos and images in its stock. More additions are being made directly from Shutterstock’s online page and over one million photos will be uploaded soon.
Several key collaborations were made to develop the new marketplace, including companies like CAVAN and Caia Image and their shared elite collections of images known to consistently rank among the highest image sales on Shutterstock.
A former content director, Keren Sachs currently serves as an advisor at the company. Recently stating, he explained how great an achievement it was for the company now that the top content providers in the world are placing their trust in Wemark without even licensing images properly.
Wemark’s market will take over currently operating agencies operational methods through blockchain technology and its functions as a medium. Through this method, image sharing will accelerate and upgrade and placing control back into the hands of rightful owners. Wemark’s whitepaper explains that buyers will also benefit greatly from the new market. An organized system is in place to clearly display uploaded content and prices are set to drop much lower. Proper licensing is available using the native token. The tokens will be distributed after the 4th of July.