Expert feedback on my decentralized business model

in hive-152587 •  last year 

Expert feedback on my decentralized business model

For my Advanced Creative Business course, I am currently learning about Web3, blockchain, and the problems it solves. My project consists of turning a centralized business model into a decentralized business model using the 7 principles of blockchain economy and tokenization.

I hope to get some feedback from the community to finish my final draft. It's a learning process for me, and I appreciate your input. I would like to thank you in advance for your feedback.

Overview of the platform and current ecosystem:

  • Society6 is an online store that gives artists and designers the opportunity to create their own virtual shops. Everyone who wants to become a seller on the platform can join, and there is no level of expertise required to join.
  • They can sell their artwork in the form of wall art, stationery notepads, greeting cards, posters, furniture, accessories, etc.
  • Sellers create the art and upload it to society6 in their shop, and Society6 prints, packages, and ships the products to the consumer. Society6 also promotes the most popular and best-selling shops and has a top 10 curated picks where shops get more exposure.
  • Consumers can only pay with Paypal and Amazon Pay, which is a major problem for the global audience since these payment methods aren't available in more than 200 countries world-wide.
  • The middlemen (Society6) are in charge of the entire distribution process and production process after the artists place their work on the platform, meaning that the artists can never check the quality of the actual products of the POD process.
  • The platform isn't transparent with the entire supply chain process, and artists cannot know what happens with the artwork or accessories after the order gets cancelled.
  • The way that the platform tracks the earnings of artists also lacks transparency due to the 30-day clearance period. If an order gets cancelled, the earnings will still appear instead of being deducted, and the amount that artists receive after the 30-day clearance is not accurate with what the platform mentioned all month long.
  • Artists only get 10% commission for their hard work and dedication, and this is not a good pricing strategy.
  • The current advertising and marketing strategy, with the help of the platform's algorithms, also gives artists a risk of experiencing digital art theft by major companies such as SHEIN and Aliexpress. The top 10 curated picks on the homepage of the platform advertise artworks but also make sure that they go viral with a major chance of getting stolen by other companies or people.

The new decentralized business model:

Monetization models: Participate to earn (buyer/ member) and Create to earn model (for artists)

- Based on all 7 principles of blockchain technology:

TOP 3 Principles

  1. Networked Integrity: Transactions can be validated with the proper consensus mechanisms and built on the Ethereum blockchain using personalized tokens.

  2. Value as Incentive
    1 S6 = $1 Initial coin offering (ICO)
    1 Social6 = 1 point = part of the reputation system
    The monetary and non-monetary values will be distributed among stakeholders on the platform.

S6: is the token that can be utilized to buy art products on the platform.
Social6: To promote and stimulate active engagement within the community. Cultivate a dynamic environment that fosters cooperation and ingenuity among artists and anyone passionate about art.

The token will give members of the community more benefits, such as
Special privileges to artwork,
discounts,
early access to sales on the platform,
Members get the right to vote and participate in the decision-making process.

  1. Rights preserved: Implementing smart contracts on the blockchain that will protect the artists by the predetermined point of reference

  2. Inclusion: Solves the problem of people in 200+ countries who cannot use PayPal or Amazon Pay but can also participate and buy art on the platform.

Your feedback can be placed in the comments. I appreciate the feedback to know that I am going into the right direction. Suggestions are also welcome. :)

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