Vision China Group (VCG), a Beijing-based photo and media agency, announced on Wednesday that its overseas digital visual arts platform, “Vault by 500px,” had been launched for testing.
The announcement shows that Vault by 500px realizes the confirmation of digital works through blockchain, and the owner and information of the works are stored in the blockchain to ensure that the data cannot be changed. Besides, the original digital works are transformed into unique artworks in the blockchain, and every change in the ownership of digital artworks can be recorded, which greatly promotes the trading and circulation of digital artworks. Blockchain technology makes digital artworks easier to circulate, trade, and ensure copyright.
According to VCG, Vault by 500px is a community and digital art trading platform serving global creators. After the platform is officially launched, the company is expected to form a digital art platform covering both domestic and overseas markets. This will help the company’s core business further expand to enterprise customers, fully tap the artistic value of Corbis Images, a stock photography agency whose assets were acquired by the company, and provide new profit growth points.
VCG acquired 500px, an online photo-sharing platform, in 2018. The new platform also helps VCG activate 500px’s world-leading photography resources, realize the global and credible circulation of digital art, provide more services and monetization opportunities for creators, promoting a more active creator economy. In addition, it is helpful for the company to extend its core business overseas, assist Chinese individual and institutional creators to spread Chinese culture to the world and promote international cultural exchanges.
The company pointed out in the announcement that Vault by 500px is still currently in the testing stage, and its future operation will depend on subsequent market expansion and promotion. The scale of future transactions is uncertain, and the actual operation result needs to be further evaluated. The operation mode of the platform may also be adjusted according to market conditions, and it is not possible to predict the impact on business performance.