Vision China Group (VCG), a Beijing-based photo and media agency, announced on Wednesday that its overseas digital visual arts platform “Vault by 500px” has been launched for testing.
The announcement shows that Vault by 500px achieves confirmation of digital works through the blockchain, and the owner and information of the works are stored in the blockchain to ensure that the data cannot be changed. In addition, original digital works are transformed into unique works of art in the blockchain, and each change in ownership of digital works can be recorded, which greatly promotes the trade and circulation of digital works. Blockchain technology facilitates the circulation, trade and copyright protection of digital works of art.
According to VCG, Vault by 500px is a community and digital art commerce platform serving global creators. After the official launch of the platform, the company is expected to form a digital art platform covering domestic and overseas markets. This will help the company’s core business expand further to corporate clients, fully exploit the artistic value of Corbis Images, a stock photography agency whose assets have been acquired by the company, and provide new profit growth points.
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VCG acquired 500px, an online photo sharing platform, in 2018. The new platform also helps VCG activate 500px’s cutting-edge photography resources, realize the global and credible circulation of digital art, to provide more services and monetization opportunities to creators, to promote a greater active creative economy. In addition, it is helpful for the company to expand its core business overseas, help Chinese individual and institutional creators spread Chinese culture to the world, and promote international cultural exchanges.
The company pointed out in the announcement that Vault by 500px is still in the testing phase and its future operation will depend on further market expansion and promotion. The magnitude of future transactions is uncertain and the actual outcome of the transaction needs to be further assessed. The mode of operation of the platform may also be adjusted depending on market conditions, and it is not possible to predict the impact on business performance.