Project Feasibility Questions

[AdamCox9]

Buy/Sell Digital Images w/ Cryptocurrencies

Product/Service

This service would be a website that allows for the purchase or sale of digital images with a payment processing system that allows for purchases and sales in crytpocurrencies such as Bitcoin, Ethereum and the many others. The website will not allow for payments with CC’s or other traditional financial methods since the fees for them are too high. This project will demonstrate international micropayments for digital goods. Buyers will be able to buy digital images from Sellers and the Sellers earn a commission for each sale of one of their digital images. For more information on cryptocurrencies, please see this CNBC article.

Target Market

The initial target market will be cryptocurrency users that are interested in buying or selling digital images online. A strong emphasis needs to be placed on the idea that these users will be currently using cryptocurrencies

Why your business idea?

This will benefit both the buyers and sellers by allowing the sale of digital images without the costs associated with making a financial transaction through traditional payment systems. This concept will apply all the pros (and the cons) of cryptocurrencies and apply them to the already mature market of allowing users to buy and sell digital images online.

Special Feature(s)

It will technically be available to a larger audience because people that are not able to access traditional payment systems will be able to use this website to buy or sell digital images because they will have access to cryptocurrencies such as Bitcoin. The market for Bitcoin users is currently small but the growth has been huge! This product should grow with the cryptocurrency market and it will have some first-mover advantages.

Distribution

This website will be a service that offers a marketplace for cryptocurrency users to either buy or sell digital images. There can be a small fee associated with each sale and advertising space can be sold on the website.

Questions


What do you think are the strengths of the Digi$image concept? In other words, what did you “like” about this idea?

What are your suggestions for strengthening the business idea?

What do you think about the overall feasibility of the business idea? Also, feel free to add any comments other pertaining to this topic.

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[yayayo]

Basically, you're selling digital items for Cryptocurrencies. The concept is not innovative at all, but that doesn't mean it's not feasible. There already have been implementations for Bitcoin-payment-based downloads years ago.

There already exist quite a few pages for digital image and sound file licensing that do exactly what you propose, except there is no Bitcoin payment option. Successfully operating such a site requires both an attractive and large inventory of files from content providers and at the same time sufficient demand for the files, so content providers remain attracted to the site. Building this up is not an easy task considering that there are still only few Bitcoin users within the general population. So the site might have a problem on the demand side.

On the other hand, using Bitcoin could simplify the process between purchasing and receiving the files.

ya.ya.yo!

[bitcoineverything]

What I like most about this idea is that bitcoin will replace the traditional payment system in buying and selling digital images.

Since, we are still struggling to increase bitcoin awareness, you could probably give one time offers to sellers and buyers so you could encourage those non bitcoin users.

Also, you could build a community of digital images sellers or buyers, like a forum or a chat or a social media plugin to your website.

[Kakmakr]

I have see a similar concept somewhere with Bitcoin, where the low quality image were shown and then the users pay small quantities to receive the higher quality pictures. You also have online streaming sites, where people place content on the internet, and then in the back end, the user can distribute the income to the contributors in percentages as predetermined between, say the photographer or the producer and the person posting the content.

This can help, to decrease piracy, if a content provider can offer this material cheaper online, and then have millions of people paying small percentages to the creator of the content, bypassing all the middlemen that makes this so expensive.