03_About XREATROS (ENG)
XREATORS
XREATORS was established to help content creators resolve the above chapters’ problems and protect their rights and profits for their unique creativity in the digital world. The success of a digital content platform is determined by the quality of the creative content it carries, and affiliating with content creators who produce high-quality content is the key to long-term success. This is why XREATORS prioritizes supporting creators to focus only on their creative content and improve the quality of their works.
XREATORS prioritizes the rights and profits of content creators and brings this value about through the XREATORS Marketplace. In the XREATORS Marketplace team, there are experts in different fields who are working to eliminate the current unfair practices of the digital content industry and solve the uneven structure to create and maintain an ideal digital content market platform. XREATORS is building an environment where promising content creators get fair treatment which in turn establishes a distribution structure in which consumers who want ownership of the content voluntarily come together. Through this virtuous cycle of creation and consumption, XREATORS aims to build a democratic ecosystem where content creators will be protected of their rights and all content can be traded fairly in the ever-evolving digital content industry.
XREATORS Marketplace
XREATORS is a digital content marketplace that utilizes NFT and blockchain technology, solving a wide range of problems in the digital content ecosystem. Simplifying the content upload process through XREATORS’ technology and strong platform operation brings forth an easy accumulation of digital content in the market. With NFT and utility tokens, XREATORS will build a reliable and efficient marketplace and implement a system that enables fair rewards for creativity and strong protection of intellectual property rights. This will allow more businesses and individuals to participate in the digital content industry as creators while providing sustainability to the XREATORS Marketplace. Through this, XREATORS will be able to establish a solid foothold in the digital content ecosystem.
1) Strategic Use of NFT Technology
Non-Fungible Token (NFT), known to the world through CryptoKitties, has been recognized for its value and is actively used for proof of ownership and transfer of unique assets. Before the invention of NFT, it was difficult to determine the original content and its owner because most digital content could be easily copied. NFT makes it possible to prove the ownership of digital content by recording the ownership and transaction information in the blockchain.
The number of transactions of NFT content is growing rapidly every year. NFT market grew to $250.85 million in 2020, which is an increase of 300% compared to the previous year. NFT marketplaces such as NBA Top Shot, OpenSea, and CryptoPunks, as well as some traditional brands like Nike (CryptoKicks), Microsoft (Azure Heroes), and Formula 1(F1 Delta Time), are recognizing the high potential of this market and are making moves to enter this market to use NFTs strategically in their businesses.
The problem is that most of these NFT marketplaces are overly focusing on the acquisition of content. Unlike physical artworks, the value of digital content is not retained through ownership. Rather, this approach will depreciate the value of digital content. However, many NFT markets are trying to solve this problem only by reselling the NFTs.
XREATORS found a new and promising approach to this problem through years of experience in operating a trading platform for copyrighted digital content. XREATORS Marketplace offers a variety of features that allow the users to not only buy ownership of content but also rent, license, and divide their digital assets. By providing different features like these, XREATORS Marketplace offers wider options for content creators and owners seeking ways to utilize NFTs other than simply buying and owning them to increase their value.
2) Ensuring Reliability of Content Creators and Digital Content
Because NFT enables verification of original content and its ownership, a new form of blockchain transaction has become possible. However, while the authenticity and uniqueness of content can be verified, the issue of authenticating the original author has not yet been resolved. To solve this blockchain oracle problem and ensure reliability for the users, XREATORS is planning to introduce a solid verification technology of OGQ, a core partner of XREATORS, to the platform. In addition, the Universal Content Identifier (UCI) will be used to authenticate and reinforce the copyrights and licenses of digital content.
UCI is managed by Korea National Computerization Agency, based on its Uniform Resource Name (URN) project. UCI is a national certification system that enhances the reliability of creator and content authentication, standardizes content management, and establishes compatibility of this unique identifier. XREATORS’ unique content upload process, which includes creator authentication (KYC), content screening, and UCI registration, reduces consumer resistance by ensuring the reliability of the content creators and their digital content. At the same time, it also effectively determines and protects authorship. UCI can be a powerful method to protect content from illegal reproduction and hacking.
3) Digital Content Flow
The overall structure of how NFT content is created and transacted in the XREATORS Marketplace.
Why Blockchain
In XREATORS Marketplace, the production and transaction data of the digital content is transparently disclosed to all users involved in the transaction through blockchain. This prevents copyright infringement, together with XREATORS’ intellectual property rights technology and content creator authentication system. XREATORS Marketplace is designed to expand the digital content market ecosystem by providing a global transaction environment to its users.
The transaction details including the transfer of intellectual property rights and license contract are recorded in the smart contract, which will be saved in the blockchain. All parties included in a transaction will be authenticated with digital signatures that work through private keys. This ensures a transparent and fair transaction of digital content between a seller and a buyer. Additionally, by converting digital content into NFT, the unique and rare value of the digital content will increase. NFT technology will further strengthen the authentication process and make it easier to protect the copyrights of digital content creators.
Token Usage and Services of ORT & XRT
ORT
ORT is an ERC-20-based utility token which is the governance token in the XREATORS platform. It is used for trading NFT content, setting up commercial advertisements in the XREATORS Marketplace, and running corporate promotions and various events. Also, by using ORT for sponsorship, users can actively engage in “fan activities” that can motivate the content creators to continue working on their creative projects.
1) Currency
Users can buy or sell digital content with ORT in XREATORS Marketplace.
2) Advertisement and Collaboration
Users can purchase the commercial advertisement space in XREATORS Marketplace and use special features to promote their digital content. Also, running events for corporate PR and collaborative promotion is possible with ORT.
3) Using Cryptocurrency Exchange
Users can freely purchase and own ORT through any cryptocurrency exchanges that support ORT. Users can also transfer the ORT they earned in XREATORS Marketplace to the cryptocurrency exchanges for transactions.
4) Content Creator Sponsorship
Consumers can show support for the content creators and motivate them through ORT sponsorship.
XRT
XRT can be converted from ORT acquired through transactions in the platform. Users can also obtain XRT by exchanging them with points earned on other platforms or through events. Purchasing XRT with cash through PG and mobile phones will be serviced in the future. XRT users can protect content copyright in the XREATORS ecosystem.
XRT is also used as an electronic payment method (points) for purchasing digital content in XREATORS’ affiliate platforms (3rd party platforms). 1 XRT is worth 1 KRW (0.0087 USD), and users use their XRT to purchase digital content at a price set by the creator.
1) Using XRT in XREATORS Marketplace
XRT supports the growth of the creators and their digital content in the XREATORS Marketplace. Approved content can be issued with UCI by using XRT. This can further protect the copyrights of digital content.
Intellectual Property Rights Reinforcement Service (UCI): Issuing Universal Content Identifier (UCI) to digital content makes it easier to get the information of the content and its distribution channel.
2) Using XRT in Affiliated Platforms
XRT earned from XREATORS Marketplace will be supported on many other platforms through exchanges and direct payments. Users can purchase digital content licenses or even create IP products with XRT on the affiliated platforms. This will be available on more platforms as the XREATORS ecosystem grows stronger.
Exchanging XRT to the currency of affiliated platforms: Users can exchange the XRT to the governing currency affiliated platforms and use their services.
Direct payment via XRT on affiliated platforms: Users can pay for services with XRT on affiliated platforms that support XRT payment.
