ICO Review: Qravity
Qravity is a digital entertainment production studio and distributor where decentralized creative teams get royalties for their work.
Founded in 2016, Qravity aims to help creatives collectively develop original content directly to market. Their goal is for transactions to be transparent regarding revenue, product distribution, and profit sharing. Here’s what they list as their goals in their whitepaper:
- Bring digital media content creators to develop their ideas
- Empower digital media creators to improve their skills
- Give digital media content creators ownership of the projects they contribute to.
Furthermore, Qravity also has a focus on giving transparency and trust to remote teams, which is an ever-growing sector in the tech field.
With an MVP already developed, Qravity (QCO), is looking to start round one of their token sale on July 17th with a 25 percent bonus for their ETH-based token. Here’s what we think of their project:
How Qravity Works
At its foundation, Qravity is looking to become a one-stop shop for content creators to work completely autonomously. Not only does every creator have an equal stake and earning in a project, but they additionally are held accountable via Qravity’s project management software as well.
The project management software will contain features such as asset production and approval, as well as file sharing and team communication. Every contribution someone makes to a project is marked on the blockchain, dividing an equal share of QravityProjectTokens (QPT) per what they put in. QPT is tracked and created with Ethereum smart contracts, making them unique to specific projects. I’ll note Qravity’s platform also uses what’s called QCO tokens for all monetary transactions, which these are tradeable for ETH as well.
The actual flow of Qravity is pretty straightforward, where:
- Project founders upload tasks
- Content creators do their shares of the task
- The content is distributed to the network
- Each time a consumer pays to view the content, each creator is paid their fair share.
Overall, the core of Qravity comes with their synthesis of project management/allocation combined with content distribution. As they enable creators to earn a percentage of royalties automatically, it provides an incentive system not seen with digital content yet.
Who They Serve
With a hope that producers are incentivized to become more experimental with their work, Qravity aims to become a marketplace for a wide array of content. Big picture, their goal is to partner with the likes of:
- Video-On-Demand platforms like Amazon Prime and Netflix
- Game Marketplaces like Stream and Humble
Furthermore, their revenue model comes from two primary sources:
- Customers: those who’ve signed up for the marketplace and purchased projects.
- Distributors And Retail: Qravity looks to develop a b2b model with a wholesale distribution network (WDN).
Who They View As Competition
Qravity believes they’re indirectly competing with production studios and feel their product offers a more transparent and cost-effective model. They find their platform reduces the need for large overhead, as well as reduces operational costs such as leasing a workspace and paying consistent salaries.
What We Like About Them
With an impressive team and working demo, Qravity looks to offer quite a bit for the content marketplace. Here are a few highlights:
A Truly Decentralized Project
An underrated feature of Qravity is that it’s a decentralized project out of the box. In other words, there isn’t a “training wheels” period where the staff has to be selective on projects until a certain amount of curation has occurred.
The ability to pay content creators directly for their contributions to projects is something the content distribution world hasn’t seen yet. If Qravity gains traction, this could be a pretty strong incentive for creators down the road.
There are a few things that Qravity hits the nail on the head with in regards to their project:
First, they understand how the gig economy is growing; and as such, remote work is becoming much more prevalent, establishing a new platform for them to work from.
Second, an underrated element of Qrativty’s marketplace is the b2b potential. While it’s great to have people coming and watching content, the more significant sell could be when businesses need b-roll footage for a video or content for their brand. Don’t be surprised if this becomes a pretty big selling point, as it’s something almost every business is after at some point.
Limitations of Note
One area of concern with a project like Qravity is educating content producers how the project works. Mainly in regards to onboarding creators and getting them paid, explaining crypto to some can be a pretty daunting task. This will all largely depend on the success stories they can create early, as this is an instance where the money will speak loudest.
Qravity seems like a pretty interesting project that could become a pretty substantial use case for blockchain and content creation. With a hybrid model of project management combined with direct monetary distribution, Qravity has a lot of good going for it (especially since they’ve already developed an MVP). Overall, this is a pretty exciting project to watch, and something you should keep your eye on if you’re a believe they could one day give YouTube a run for their money.
Qravity’s first round token sale launches July 17th.
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