This improved stock asset ecosystem will be composed for four primary protocol participants. These four groups will be collectively referred to as the Stock Licensing Protocol community.
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 specified fee.
Creators will benefit from the stock licensing protocol as they will be able to:
- Receive higher percentage of their asset licensing price
- 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 licensing 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 licensing 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 licensing protocol by:
- Being able to markup the creators price to profit from license sales on their marketplace
- Easily be able to search through a large collection of images
- Filter which stock assets are sold on their marketplace
- Open-source marketplace code and technical support from the Stock Licensing Protocol community
Creator Technology Partners
The Stock Licensing Protocol allows creators to mint stock licensing NFTs by interacting directly with the blockchain. However, creating an NFT directly on a blockchain is a very technical task and most creators will want a more user-friendly way to create stock licensing NFTs. This user-friendly way to create and manage NFTs will be provided by creator technology partners.
Creator Technology Partners will benefit from the stock licensing protocol by:
- Being able to embed a royalty fee in each stock licensing NFT created on their platform.
- Decreased development costs by utilizing open source code and technical support from the Stock Licensing Protocol community