In this opportunity Wemark brings us a totally decentralized digital content market based on Blockchain technology, thanks to which the relationships between content creators and clients will be direct and without the need for large companies to act as intermediaries, since they themselves will be able to establish agreements for the cession and use of digital content.
Specifically, Wemark has launched an ICO focused on the photography market and they have decided to do so because they consider this to be one of the most centralized markets within digital content, in addition, it is also one of the markets that charges the most commissions to photographers, reaching up to 85%.
What will Wemark do in the face of this? Developers have established that photographers will have what is called direct licensing, in this way they will be able to deal with customers without the need for a third party, and maintain all rights to their photographs, thus controlling selling prices. In the absence of intermediaries, customers also benefit because commissions are much lower and therefore prices decrease considerably.
How will you apply this direct concession? This is where Blockchain technology comes in. Both the photographers and the Wemark marketplace sign a distribution agreement with an intelligent contract of immutable terms and conditions, this contract specifies the 15% commission that the Wemark platform will take for each photo sold.
This Smart Contract also ensures immediate payments for photographers, a very important difference when compared to the payment processes made by large companies that offer photo banks to the public.
- 1 Use of Blockchain in Wemark
- 2 Use of the Wemark token within the process
- 3 Investment Opportunity
- 4 Team behind Wemark
- 5 Roadmap Data
- 6 Pros of ICO Wemark
- 7 Cons of the ICO Wemark
Use of Blockchain in Wemark
In the project white paper the developers have said that Blockchain technology will serve as the new “intermediary” between customers and photographers and even digital content generators in general.
More specifically, the platform will use Ethereum’s Intelligent Contracts to offer a system that, without the need for a third party, allows the management of payments, control of content licenses, marketplace rate for service offerings and payment for referral promotion.
A very important point to be specific is that the Blockchain network will not be used as a database of photographs that are handled on the platform since they have considered that it would be too much information. What they will do is hash every data that is handled in the platform in order to have the information in the Blockchain network.
Use of the Wemark token within the process
The Wemark token (WMK) will serve as a native payment method within the platform as well as to reward people who bring referrals to Wemark. At least that’s what’s planned for the short term.
Paying directly with a Wemark token will always be more feasible for customers as better prices will be offered, but if they do not have these tokens, the platform will allow you to pay in fiat or other crypto currencies and then immediately convert your money into a Wemark token.
In the future the platform wants to expand the uses of the token within the ecosystem. They are thinking of giving photographers the possibility to hire models, buy utensils or pay for other services directly using the token.
In addition, they are thinking about the possibility of tokenizing digital content in order to facilitate the transfers and agreements that are made about them. For example, agreements to transfer rights to images or share authorship with others will be possible with this tokenization.
The developers are not closed to offer more utilities to the project token and even admit that they are constantly working on this issue to offer these utilities in the middle of the ICO.
In the middle of the investigation and analysis of this ICO it could be appreciated that they already have an initial investment of 1 million dollars. As a minimum amount, developers have planned to collect 1.5 million dollars while the maximum would be 8 million.
The token price has been set at 2375 WMK per 1 ETH, which is equal to 0,00042105 ETH per 1 WMK. For people who buy between July 16 and 23, 2018 will have a 25% discount on the purchase and for those who buy between July 24 and August 07 will get a discount of 12%. They are only accepting ETH as a payment method.
Team behind Wemark
Wemark has established itself in Israel and its development team has 11 members, many of them linked to the world of photography and the application of technologies in various processes. First we must name its CEO and founder Tai Kaish, an Israeli with more than 10 years in the digital marketing sector who has worked with major technology companies in his country throughout.
Another important member of the team is Pavel Elkind, a computer engineer who has experience as a director in the Israeli company R & D and who came to work with Israeli intelligence in the development of various high technology projects.
Finally, we must also highlight the only member with experience in the world of crypto coins, the marketing specialist Or Twig, who will be responsible for everything related to advertising and visual marketing of this project.
On the side of the Wemark advisors we can see a very solid and prepared group both in economic issues and in elements related to the project. First we see Miguel Forbes, co-founder of Forbes and one of the world’s most respected economic experts. You can also see Lars Perkins, founder of Picasa and former CEO before the sale to Google.
Date token sale concluded: Last sale concluded July 27, 2018.
Do they own a Minimally Viable Product (MVP)? Yes, they already have an alpha version of the project that can be seen on their website. Here you already have more than a million photos uploaded by photographers that have been registered on the platform since January 2018.
Its roadmap is almost complete and as far as it shows, it is a project that is expected to be completed very soon since by the last quarter of 2018 they will have the final platform and by the first quarter of 2019 they will include other digital content.
Pros of ICO Wemark
In the ICOs that exist in today’s market you can hardly find one that has a more experienced team of advisors than Wemark has. Such a team of advisors is quite valuable, both for the advice they can provide and for the commercial ties they can help create, which can be a very positive tool for the correct development of the project and the consequent valuation of the asset.
Very advanced project with sample work
The alpha version of Wemark is very well developed and already has registered photographers who are providing content every day, which indicates that the project is practically done. This shows that we are dealing with an investment with very little risk, an aspect that is also very difficult to find in the ICOs in today’s market.
Cons of the ICO Wemark
Compete against companies that dominate the market
Shutterstock and Getty are real monsters in the digital content industry and have a lot of power within the market. Wemark will need to develop an aggressive business plan to get into this field dominated by the big boys.
Unfortunately, from what can be seen in the Wemark Whitepaper, there is no more information about a business plan and there is no planning for the future with concrete data that will allow us to assure that Wemark will break the current hegemony.
We must remember that no matter how good a product or project is, if it does not have a good sales plan, it will not be adopted in the market. And logically, without massive market adoption, a revaluation of the asset will be impossible.
The project can be carried out without having to create a new currency
Did Wemark need to create its own crypto currency? If we analyze it well we could say no, that the project can be fully applicable with ETH or fiat currency as long as it remains within the Blockchain network and only for the application of Intelligent Contracts. However, you cannot make an ICO and obtain financing without your own digital currency.
The problem that can be presented here is that if the currency is not shown to be useful beyond the payment method, it will hardly be an interesting asset for investors in digital assets.