Piction has formed partnerships with Klaytn, Afreeca TV, Flitto, Sandbox Network and Coinplug, and already has a network of 35 million users
The 13th of February 2019, Singapore and China — It is anticipated that the total value of the digital content market will reach 1,982 Million USD in 2019, representing an annual growth rate of more than 10 percent. As the fourth industrial revolution progresses and the market for digital content continues to expand, leaders in the media sector with a great deal of influence threaten to reduce the opportunities that are available for younger content creators to establish a name for themselves in the industry. Young content creators are placed in a tough economic position as a direct result of the proliferation of free-to-air material on well-established digital platforms.
The prospective creative professionals are disempowered as a result of the original creative works being pitched and sold at low market prices and the creative copyrights being reluctantly handed over in unfavourable service agreements.
The Solution Provided by the Piction Network
The ecosystem that comprises the Piction Network is aware of this issue and has devised a solution to it by utilising the power that blockchain architecture provides. Directly from the Piction community, content creators are able to solicit the financial support they require. Members of the community can, in turn, take part in the endeavour by acting as supporters, translators, influencers, or consumers. The funds that are raised via the use of the Piction Network blockchains are then dispersed directly to the content creators in an equitable and transparent manner.
Even more significantly, ownership of the content copyright remains solely in the hands of the content authors, and this information is registered on the blockchain and cannot be altered. The Piction Network is as a community platform that brings together many communities and their respective creators. In today’s increasingly competitive digital content industry, traditional industry monopolies and restrictive creative intellectual property rights do not have to be the most significant impediments.
Fred Bae, CEO of Piction Network, is aware of the challenges that exist in the market for digital material. He has stated that “it is very difficult to utilize the potential of the one-man artist in the content market.” Even Youtube is only concerned with the scope of video clips, which restricts the amount of work that can be done by the producer. The users have the right to enjoy the many forms of content that are created by one-man creators, of whom there are a large number, as well as a variety of one-man creators whose talents fall into a variety of categories.
He continues by saying, “The ecosystem that Piction Network plans to build offers an environment where an exceptionally talented person can start their work as a one-man creator who, with the support of other exceptionally talented users, can easily overcome the difficulties such as lacking marketing, promotion, and translation.” The Blockchain-based system will enhance the potential for collaboration between the user and the creator, and it will encourage people to participate.
Klaytn, a blockchain platform developed by the South Korean information technology giant Kakao, has chosen Piction Network to be its first partner in the content business field. Afreeca TV, Flitto, Sandbox Network, and Coinplug are just a few examples of the many other start-ups and information technology organisations that have created relationships with Piction Network. Piction Network already has 35,000,000 users because to its partnerships with other companies.
Piction Network is home to an impressive roster of advisors and angel investors, some of whom include Youngki Hwang, a former president of the Korea Financial Investment Association (KOFIA), David Lee, a former chairman of Nexon, Ina Jang, the CEO of Smilegate Entertainment, and Won Seo, a representative of Global Business for WeMade.
Concerning the Piction Network.
Piction Network is a peer-to-peer digital content ecosystem that operates in a decentralised manner. Piction Network’s goal is to foster a creator-centric and trustless digital content ecosystem through the utilisation of blockchain technology.
ecosystem. The power that is now held by extractive intermediaries is one of the centralised methods of content commercialization, distribution, and ownership that Piction Network intends to disrupt so that it can be given back to the content creators.