Artists will now be able to receive royalties directly from their viewers and on their own terms, eliminating dependence on third-party platforms to monetize their work.
London, UK, September 22, 2023 /EINPresswire.com/: suppleness, A global marketplace for user-generated content Erastus Smart Chain (ESC) metaverse bank It provides a new model for seamlessly paying user-owned content fees and royalties, allowing them to move freely between crypto and fiat currencies.
Elacity’s unique marketplace and digital rights management system allows users to take ownership of their content and allow fans to access and monetize their content without relying on YouTube or other third-party platforms as intermediaries. can do.
This content enhancement enables content creators to automatically define, receive, and share royalties in the form and format of their choice with key partners, co-creators, and other stakeholders, creating a new inclusive economy. A model is provided.
Through this partnership, Metaverse Bank will make its Enigma stable coin payment engine available to content developers, allowing them to seamlessly transfer their crypto earnings into any fiat currency worldwide.
Elacity CEO Sassi Mitchell described the partnership as a “milestone” for 99% of the creator community. Creator communities have traditionally remained subordinate to other interests in seeking to protect the integrity and value of their works.
“Our goal is to free creativity, because the real potential of Web3 to give creators direct control over their own affairs is limited by regulatory ambiguity (and cross-jurisdictional For too long, multiple barriers, from inconsistencies to complexity, have kept it out of reach for actually managing decentralized payment flows on a day-to-day basis. ” The decision to withdraw virtual currency exchange services with the British pound is a timely example. Such uncertainties only undermine the potential of Web3 and the access economy to empower communities such as creators and artists. ”
“This partnership creates a bridge that allows artists to not only claim the benefits of their creativity, but also to claim it on their own terms and in the currency of their choice, and to receive compensation for their creativity and for it.” We will release the rights,” he added.
Rob Atkin, co-founder of Metaverse Bank, said:
“The true potential of Web3 and decentralized payments to give content creators full control over access and rights to their works remains untapped due to the complexity and uncertainty of the transaction process. Particularly when exchanging between traditional fiat currencies and alternative cryptocurrencies, our Enigma payment engine transforms all payment flows into the form of “universal” encrypted digital assets (EDAs), with no information on their value or origin. Incorporate all information about your transactions, from transactions to other transactions. Any relevant terms and conditions (such as usage rights and jurisdiction). The exact denomination of an exchange, including whether it is fiat-based or crypto-based, is determined entirely at or at the time a user decides to access funds. ”
In addition to freeing creators from relying on specific third-party platforms to verify, store, and reconcile payments, Rob said the partnership will allow creators to choose exactly how they receive payments. I will explain when it becomes.
“In practice, this means that creators may choose to access royalties via traditional fiat currencies (for example, to pay rent or groceries), or (to create value) It may also mean that you may prefer to receive royalties in tokens (in exchange for specific community and/or studio time or other resources). In all cases, the value and integrity of these transactions are guaranteed through our platform. ”
Elacity uses the Elastos distributed Web3 technology stack to deliver these new Web3 services and aims to further innovate with DRM and runtime technologies to provide a trusted distributed environment.
Commenting on the potential, Jon Hargreaves, Global Head of Business Development at Elastos, said: “The great innovation here is that we’ve combined the world’s leading Open Banking solution with the Web3 solution. This means it’s not only easy to use, but also very low cost in comparison.” To the solution. ”
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