The Wemark ICO is set to start on the 7th of May:
The stock photography market is huge, and with a number of companies making a fortune on a daily basis, it does then seem to make sense for a company to look at ways to allow cryptocurrencies to be used in order to make those purchases. Perhaps the surprising thing is that they have not exactly embraced this technology up to this point but that is all about to change thanks to Wemark. So, what are they offering, and is it any good?
What is Wemark?
Wemark is looking at offering stock photography and using blockchain technology to do so. They have already launched their stock photography aspect with over 40,000 different images currently available, which is pretty impressive stuff.
They state that there is an issue with content purchasing in that the creators have to end up paying a huge commission to third-parties, and they want to stop that particular problem. Photographers can sign up, verify their profile and then upload their images to be reviewed. If they are then accepted, then the shots can be licensed without there being the need to have an intermediary in place. They also state that they hope to simplify the entire process and make it easier for both buyers and sellers with them operating from a level playing field.
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.
The Financial Aspect and ICO
When it comes to the financial side of things and the ICO, then the first thing we see is that only 38% of the total number of tokens produced will be made available at this point. This equates to a total of 51,000,000 tokens out of a total of 135,000,000.
For the ICO, then they are only going to be accepting ETH as the currency, and there is both a soft and hard cap in place. The soft cap is set at $1,500,000 while the hard cap is just slightly higher at $8,000,000. Also, for the ICO, the exchange rate per token is priced at 1 WMK equating to $0.20 giving you an indication of the value placed on the ICO.
They do state that after the ICO, they will be looking at accepting more than just ETH as a form of payment as Bitcoin and credit cards are going to be built into the system. This will allow more people to buy tokens which they then need in order to operate on the platform.
Overall Conclusion About the Wemark ICO
So, what can we say about Wemark? First, the concept is sound and is something that is certainly required within the market. Also, they have a strong board of people behind them that have direct experience in dealing with this industry, so that is another huge bonus. The fact that they allow creators to make more money and avoid those high fees will surely bring people onto the platform when they see the substantial benefits that come with it.
The ICO does offer a slightly lower percentage of tokens for sale compared to others out there, but ofcourse it’s the total market cap that matters so that should not pose too much of a problem even though it may mean you have to act fast in order to get some as early as possible. If they can continue to build the number of images on their platform, then it is easy to see how the token itself will grow in value since it is required in order to make any of those purchases.
Overall, this is a great idea and it is one that should be able to establish itself without too many problems.
Check my post on Steemit: https://steemit.com/crypto/@dan90/wemark-ico-review-stock-photos-on-the-blockchain
ANN Thread: https://bitcointalk.org/index.php?topic=3347524.new#new
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