Five Reasons Why The Future Of Stock Photography Is On The Blockchain!
The current stock photography market is a very lucrative business for all involved parties. Photographers need to take pictures, put them up online and then earn royalties from the customers that want to use their work.
However, it’s no secret that these royalties are meager, granted that you have access to a well-known network, that does not mean that the business gets to retain 80% of the profits while the photographers get only a measly 20%. With the advent of blockchain technology, however, this industry can be flipped on its head for good!
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1. Lower maintenance costs = more royalties for photographers
As the blockchain is decentralized in its nature, it does not need to run on a single point of presence as the network can be scattered across multiple redundant nodes that ensure the quality of the connection indefinitely. By lowering the barrier-to-entry in this market, blockchain technology will allow businesses to practice attractive royalties.
2. Security levels that no antivirus can buy!
One of the perks of using the distributed ledger systems is the high level of security that it brings to the table. As there is no single point of attack, hackers are aiming blindly at nodes in the network that can detect that something’s wrong in a matter of seconds.Users will trust that their transactions are safely kept in the append-only ledger.
3. Cutting the intermediaries = again more royalties for photographers!
Once such a blockchain ecosystem is created, users who buy content from the platform will do so directly from the sellers themselves! The decentralized nature of the platform will record every transaction that takes place allowing for an unparalleled level of transparency and reliability while empowering the individuals that fuel the network.
4. Automatic payment systems that speed up the pace of the business
Usually, the payments for the content are processed through a third party like a bank or PayPal that can be tricky sometimes. Not to mention the high barrier-to-entry for the startups that want to create such a business. With the help of Smart Contracts, however, an infrastructure can be set in place that releases a cryptocurrency immediately, once the transaction is fulfilled. Thus, again, cutting running costs and making the platform more reliable.
5. The Wemark platform: an ecosystem that has all of the above!
The good news is that these systems and modules are not just at a theoretical level. The Wemark blockchain marketplace for digital content is real and has all of these perks and even more to come once fully deployed! With the help of WMK, their own cryptocurrency Wemark plans to make this platform the leading distribution platform in the industry. To help them develop the platform even further, you can participate in the token sale that opens on the 7th of May 2018. Professionals who decide to enroll in the system until May 2018 will get 100% royalty on their first 500 uploaded photos.
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