By
Godfrey Benjamin
April 12th, 2024
Blockchain-based startup Image Protect is working on a global registry for digital content that will facilitate the authentication of users and link intellectual property so as to enable universal access to the content.
Startup Image Protect seeks to offer a revolution to the current inefficient photo licensing industry model. As it stands, visual content owners have a really hard time monetizing their media. This is because the industry is under control of a handful of conglomerates, who keep as much as 85% of licensing revenue, leaving the owner with little value for their content. At the same time, they charge users exorbitant fees and this only encourages copyright infringement.
Unfortunately, such infringement cases are extremely costly to pursue and the only pursuable ones are those, whose visual content is registered with the U.S. copyright office. Currently, this accounts for only 4% of content owners, leaving the rest with limited monetization capability. When it comes to the inefficiencies plaguing the industry, this is yet only the tip of the iceberg, which has led to the stagnation of the sector and legal complications for stakeholders.
Image Protect: Promising Solution
In this circumstances, Image Protect gets the best out of blockchain tech’s benefits to transform the existing content rights model and make it more appealing to content owners, publishers and advertisers.
Image Protect is working on a global registry for digital content that will facilitate the authentication of users, and link intellectual property so as to enable universal access to the content. Instead of having to rely on the current industry giants, content owners will be able to upload their content to a decentralized marketplace.
To facilitate licensing for all content and make it easy to track usage, the marketplace will utilize smart contracts, increasing profits and widening the scope of opportunities available. There will no longer be any need for third-party intermediaries further increasing their margins.
Transparent Right Management System & Efficient Operational Framework
At the moment, there is limited transparency when it comes to the usage of creators’ digital content, and, as such, they have very little control over their works. They cannot set their own pricing or licensing terms and have to wait through extended periods for royalty payments. This lack of clarity, together with confusing legal and licensing terms, pushes some well-intentioned users into piracy.
Under Image Protect, the content owner will get to license their own works and even enjoy the opportunity to create custom contracts. The platform will offer a clear legal framework that will make it easy to use.
Image Protect will make use of advanced algorithms as well as Artificial Intelligence (AI) to streamline processes in the industry. From image registration and management to distribution and protection, this technological approach will create a seamless framework.
Content creators will be able to benefit from a more efficient revenue model, with faster payment processing among other benefits.
The inherent features of blockchain technology lend this model the desired immutability, ensuring a permanent record of all necessary details eliminating any opportunity for compromise.
Monetization of Unauthorized Usage
Image Protect has been in existence since 2015, encompassing a community of visual content producers, who are keen on establishing copyright protection. Over the years, it has been sending take down messages to the websites that infringe on visual content copyright. But with the new IPShare technology, it will now request website owners to replace the infringing image with an IPShare embeddable one.
The new image format generates revenue from advertising taking the form of an online billboard containing hot links, dynamic messaging and other forms of advertisement. This enables the technology to cash in on the multibillion dollar global digital advertising model.
Indeed, it is a win-win for everyone involved, as the proceeds are split between the content creator and the platform. The website owner is not left behind as well -he neither has to take down the image nor pay a penalty for infringement. Instead, they get to keep a modified income-generating version, that allows to meet the objective without the fear of reprisal.
IMAGE Token Sale Details
Image Protect (Ticker: IMAGE) is planning a token sale event to raise funds for the development of this innovative system. The pre-sale started on April 30th, 2018 and is live till July 31st, 2018. The event is split into three sub-events, with a different discount rate for buyers during each. Public token sale will become live on August 1st, 2018 and continue till October 31st, 2018.
According to the company’s whitepaper, the platform will issue a total of 350 million IMAGE tokens, 203,250,000 tokens from which will be available for sale during this period, each one priced at the rate of $0.10.