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Wemark – Blockchain Based Stock Photography Marketplace

What is Wemark?

Wemark is a platform that aims to connect the distributed marketplace across all types of content in a decentralized network. It makes use of Blockchain technology and hence eliminates intermediaries by creating an alternative distribution system. Wemark is the first decentralized marketplace that works for the benefit of photographers all around the world. It provides a platform to all photographers to connect with global customers without the involvement of any third party.

All the interested photographers control all the charges which are involved in distributing their content. The Wemark Token (WMK) on the platform aims to create a direct economy for digital content which will further act as a native payment system for the network.

Features of Wemark

Wemark offers certain features to their customers that include:

  1. Maintaining control: Creators directly deals with the customer through this platform. This is done by licensing the content of the creators to the customers without any intermediaries. This helps the creators to maintain the rights and the price of their content.
  2. Transparency: Maximum transparency is ensured for all the users within the blockchain network. It is made possible because the payments are made through the blockchain network which can be easily monitored or audited by all the parties who are involved in the transaction.
  3. Incentives: Users can earn more and extra money by referring Wemark to more people and by promoting the products on the platform.
  4. Favorable terms: There is no scope to alter or change the agreed terms as a distribution contract registered available on the blockchain is signed between the creator and the platform.
  5. Curation & modern collection: Searching the perfect photo is quite easy as this platform curate modern and relevant photos only. This, in turn, removes all the unwanted and outdated photos.
  6. Better prices: There is a defined budget for photo licensing but here by eliminating the mediator it is believed that the photo licensing price will decrease up to 50% or even more. This will increase the pay of the photographers. Also, customers searching for photos don’t have to increase their budget in order to get more exclusive, higher quality photos.
  7. Flexibility: Wemark eliminates the need for credits and subscription. Customers can sell the tokens or use them as per their need and want.

Why is Wemark important?

The creators of photos are in the loss as they are not earning enough amounts as per the worth of the content. This shows that the system at present is broken which need to be fixed. Thus to rectify the system, Wemark is using a distributed approach for the trading of digital content in which all the rights of the content is under the control of creator.

The Wemark platform also saves the customers from all the unwanted fee charges by establishing a standard royalty fee which is in full control of the creator and can be changed only with his consent. Apart from this, Wemark runs various referral schemes where reward has been given to the community members who share the content and add new people to Wemark platform.

How does Wemark Work?

Wemark protocol is used while distributing digital content from creators. This protocol is basically a series of intellectual contracts. All the transactions within the platform are organized with the help of protocol which might include authorizations, access, payments and revenues for creators, markets, and links. The distribution agreement is exchanged between creator and market. This agreement allows creator and marketers to adopt cost-effective solutions that will benefit everyone. The digital signature is done on the agreement. After doing the signature on the chain of blocks all the parties are able to see the contract and its terms which clearly state the license price, license insurance, distribution payment etc. No one at any cost can alter or reject the agreement. After this, the Ethereum smart agreement can undoubtedly distribute revenues, receive payments and issue licenses.

How token will be distributed among different end users?

  1. Percentage of Wemark token distributed during the Token Sale is 38%.
  2. Percentage of Wemark token reserved for Community Rewards & Economy Scaling is 37.5%.
  3. Percentage of Wemark token distributed to Advisors & Partnerships is 12%.
  4. Percentage of Wemark token distributed to Founding Team & Employees is 11%.
  5. Percentage of Wemark token distributed to Bounty Program is 1.5%.

Pros of Wemark

  • Wemark allows photographers to hold the rights to their content. Wemark has rights to distribute the content as all the licenses are directly issued via Wemark protocol. But, Wemark cannot sell or license the content without the authority of protocol. This eliminates the mediator in trading.
  • The price of the content is controlled by the photographers. Although Wemark has different options of pricing and tiers it cannot license the content without the approval of photographer on price and tier.
  • Through Wemark, the photographers earn 85% of royalty payments. This new scheme is far more than the conventional industry scheme which limits the payment to 15-20%.
  • Wemark provides a guarantee to the creators by ensuring them full transparency with respect to the payments, licenses and revenue distribution. This blockchain also ensures the privacy of their customers while providing photographers an idea to identify copyright infringement, license overuse or any license violations if included.
  • Wemark is a blockchain based protocol system which is immutable and autonomous. In order to make this system transparent and trustworthy among creators and users, the code of the system which is responsible for its operations is open source.

Cons of Wemark

  • Wemark has its own token. It does not integrate with any other cryptocurrency token like BTC.
  • Wemark is not the fully decentralized platform as the decision of accepting and rejecting the photos for selling is completely in the company’s hand.

Final Words: Wemark is an innovative platform which has worked to solve the issue regarding the current centralized approach for digital content contribution. The platform benefits both creators and consumers by shifting the digital content marketplace to the decentralized world. With the elimination of the mediator, the creator earns more royalty which in turn also benefits the consumers as the creator will tag prices of their photos in a decent way. In short, it’s a great platform which allows creators to works as an entrepreneur. It will benefit musicians, composers, and advertisers in an endless way by introducing new forms of multimedia and token which will be integrated into the ecosystem.

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