The world of photography is filled with many instances where the image usage rights are compromised. On the other hand, the process for acquiring the rights to use an image for business purposes is complicated and intensive in terms of time and labor.
Lumina Datamatics, a company that recently updated their product offering with a blockchain-powered platform called RapidRightsChain. The platform enables photographers, authors, editors, and corporations to cut down the time of transacting the licensing rights between one party and another, according to their press release.
In addition, the platform is capable of performing the currency transactions at the same time using a third-generation cryptocurrency called LightPayCoin (LPC), which supposedly is designed to handle conversions to fiat.
Looking at the market volume of the cryptocurrency however reveals a different story. At the time of writing the 24hrs volume for the currency was just $3,409 USD. Because of this, we have reached out to the company that selected the cryptocurrency and asked them for an explanation.
Assuming the platform is fully operational and available for photographers, wouldn’t most people prefer to get paid in BTC, ETH, LTC, or any other well-established cryptocurrency?
Once we get a response we will update this article, but for now, we have to trust that the company has made a good decision by partnering with LPC. Everybody deserves a chance, and this might be the opportunity that LPC has been waiting for.
Vice Chairman of Lumina Datamatics, Vidur Bhogilal, explains that this platform will help content creators monetize their work on a global scale.
For now, however, the company still has a lot to prove in the eyes of the public. The promise is indeed enticing, as most photographers would love to get the opportunity to participate in a streamlined marketplace for licensing rights, where they are assured that transactions will go through securely, and they will be able to easily convert them to fiat or major crypto.
However, the situation with LPC is worrying, as the cryptocurrency hasn’t seen a lot of attention, and adopting it as the main method by which your platform would work is at best a flawed business decision.