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As we learned previously from the previous article, Wemark platform focuses on stock photography considering that it the most centralized field in the industry of digital content. In addition, it has the highest transaction fees among other areas like music, e-books, and games. In disrupting the centralized marketplace, Wemark implements immutable distribution system as explained in the previous article. It also utilizes blockchain technology to supports decentralized distribution of digital content.
Wemark Overview
Wemark is an established platform specializing in stock photography. It already has more than forty thousand photos and nearly 3500 contributors. Content creators can join the platform by creating a profile and get their identity verified. Once verified, they can submit their content to be reviewed. Photographers are able to license their photos if the photos are approved based on the review. There is no interfere from any intermediaries in licensing the photos.
The goal of Wemark is to revolutionize the current system of content marketplaces. The platform, as mentioned previously, is supported by blockchain and with the technology, it attempts to replace the centralization of the market with a decentralized digital content market. The underlying reasons for this objective are that there are so many problems resulting from the centralized marketplace such as creator losing rights of their contact, monopolization, unfair revenue for creators, etc. Wemark seeks to overcome these problems by creating a marketplace where both sellers and buyers obtain fair profits.
Wemark Payment
Customers seek the photo the like. After finding what they want, they use Wemark web interface to buy Wemark tokens (WMK) use them to pay the creators. Payment is done directly through Wemark’s smart contracts. WMK tokens will be used for all payments on Wemark’s marketplace. These tokens can be purchased using Credit Cards, BTC, ETH, Wire Transfers, and other traditional payment methods. There will be extra fees for converting funds into WMK.
The revenue from every transaction is 15%. It is agreed by photographers when they sign the contract terms. Some photo might have special distribution terms. For photographers who take part in early adopter programs will earn 100% lifetime royalties for 500 photos. The payment distribution system does not only apply for creators but also for referrers. There are referral terms that rule the number of rewards for distributing the photos. After the payment is distributed to the platform and referrers, the rest of the funds will be given to the creators.
Wemark Marketing Strategies
In order to reach more customers, Wemark implements some strategies such as offering a better price and building community support. Besides, Wemark will only curate modern and relevant photographs.
Wemark Token (WMK) Utility
There are 135 million WMK tokens supplied by Wemark. Nearly half of the tokens are available in the token sale that will start on 24th July 2018. Token holders can use the tokens to buy photos from Wemark. The tokens will be used as the main payment method in Wemark platform. In the future, it is possible that Wemark will accept other cryptocurrencies and even credit cards.
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