by Nuno Menezes
Earlier this month, IPStock announced it was launching a pre-ICO for its blockchain registry of visual digital content copyrights.
Illustrations and Images Secured on the Blockchain
IPStock is a blockchain ecosystem designed for all marketplaces, content creators and consumers. It implements visual digital content registry on blockchain and license management through smart-contracts. It will be the first solution in the market to give access to both exclusive and royalty free content licenses. IPStock is run by Intellectual Property Depository and Management (IPDM). IPDM developed an innovative platform for visual digital assets with the goal of competing with major players in the visual digital industry.
By launching the ICO, the company hopes to raise funds to further develop, implement and increase its infrastructure. This will enable the company to create the world’s first decentralized global digital image market.
Askold Romanov, IPStock co-founder, and CTO:
“Our cloud service IPStock.com has been successfully used by thousands of creative artists around the world for the last two years to manage their visual content portfolios on dozens of marketplaces and stock agencies. By adding copyrights registry on blockchain and license management with smart-contracts to the existing platform we create an open and transparent ecosystem with benefits for all market participants: content providers, consumers and agencies and will become an integral part of the market infrastructure. Besides blockchain, the project already utilizes big data and computer vision technologies to provide the world’s best cloud service for its users.”
The company was set up in 2015 aimed at managing investments in the digital content market in the interests of financial investors. The company serves as an accelerator in the development of the market of investments in intellectual property assets. Now with the development of IPStock and the use of the blockchain technology the company looks to decentralize the visual digital market.
Yuri Emelin, IPStock co-founder, and IPDM Director says:
“The main problem of The Global Stock Images Market which includes photos, illustrations, videos and other digital visual content is non-transparent, risky and inefficient market. Each agency has its own isolated and non-transparent database. Acting as a middleman, these agencies take up to 70 percent commission from each royalty payment. On the other side, the demand for the visual content is steadily growing by seven to ten percent in recent years, and the turnover of the content market is estimated to be around $4-6 billion this year. So we believe that blockchain can disrupt and completely change the industry dominated by several big players such as Shutterstock, Adobe Stock, and Getty Images”.
What is IPStock Looking to Provide?
IPStock is set to provide all kind of visual digital content in a global stock images market which includes photos, illustrations, videos and other visual content, where players buy and sell copyright licenses.
The company believes that its business model will allow all the content market participants to have a chance to enter the market with protected copyrights and licenses.
IPStock plans to do this by offering cost-efficient access to both non-exclusive and exclusive content with transparent history and flexible options. This will save time and money for companies trying to build a content database while maintaining the focus on creating great products for their customers. IPStock solution is undoubtedly disrupting the copyright market landscape and by turning the market as transparent and efficient as it should be.
Alexander Belenkiy, IPStock co-founder and Head of Legal & Compliance office explains:
“Nowadays on the market, there are no universal sources of copyright proof, no authenticity guarantees, no licensing history, no reliable protection from lawsuits. Each agency has its own isolated and non-transparent stock images database. Decentralized system on blockchain will make it easy to control content copyrights & authenticity, manage licenses and avoid legal risks.”
What are the features IPStock is trying to implement?
The company strives to provide users with:
1. Full control including the authenticity confirmation and control of plagiarism
2. Centralized uploading, management and license tracking with smart-contracts
3. Flexible management of license options for customer’s needs with smart-contracts
4.Сomplete and transparent transaction history
5. Registering and confirming subsidiary rights (items based on other issues or its combinations)
6. Royalties distribution taking into account subsidiary copyrights as well
7. Full (or partial) commercial rights/copyrights transfer transactions support
IPDM is not a new player in the market. The company has been in the market for over five years and has successfully created the world’s first ranked portfolio of vector images Macrovector, world’s most popular cloud service for photographers and artists ipstock.com, and a premium vectors marketplace vectorplace.com.
Now with a projected market size of more than $10bln by 2022, IPStock hopes to be leading the market before 2020.
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