To facilitate creativity and growth of the stock industry it needs a new model and technology to license photos. The stock licensing NFT will use a blockchain to manage stock asset payments and licensing. To achieve this, decentralized technologies will be used to disintermediate the stock asset middlemen creating more efficient marketplaces for stock assets.
Creators create and own copyrighted digital stock assets like photos, videos, music, vector art, and templates. Creators typically retain the copyright to their work and license usage of their creative works to businesses and individuals at a specific fee.
Creators will benefit from the stock licencing protocol as they will be able to:
- Receive higher percentage of revenue compared to centralized agencies
- Automatically collect fees for licenses sold
- Easily add their assets to a collection sold on multiple marketplaces
Stock License Buyers purchase licenses to use creative works for commercial or editorial purposes. License Buyers typically prefer to search a large collection of stock assets to quickly find the best assets for their project within a specific budget.
License Buyers will benefit from the stock licencing protocol by:
- Lower cost to purchase licenses due to reduced middleman fees
- Volume discounts for purchasing multiple licenses
- Standardized and immutable proof of license purchase
- Standardized platform for licencing images among multiple marketplaces
With the Stock Licensing Protocol, agencies are no longer required and will be replaced by stock marketplaces. The key difference between a stock marketplace and a stock agency is that a stock marketplace does not require any contracts with creators to license the creators’ photos. Marketplaces will market and resell the Stock Licensing Protocol collection.
Stock Marketplaces will benefit from the stock licencing protocol by:
- Being able to marketup the creators price to sell licenses to buyers
- Easily be able to search through a large collection of images
- Filter which stock assets are sold on their marketplace