Coinaphoto has revealed its ambitious expansion plans, which includes adding video, music, and software to its current offering, as it launches a £500,000 crowdfunding bid.
Currently the only platform in the world where amateur and professional photographers can earn “social” as well as commercial revenue, Coinaphoto serves as a marketplace for buyers of local and culturally relevant photography.
Offering investors the chance to own a 4.7% stake in the company through Crowdcube, the campaign has got off to a strong start, with £149,000 (almost 30% of the target) pledged in the first 10 days.
Would-be investors have until August 28 before the funding window closes.
The cash injection will be used to accelerate the company’s growth over the next four years, with plans to expand content and create multi-language websites and apps.
It will also offer brands insight into photography trends, progress integrating user tokens earned through Coinaphoto with e-commerce and music streaming platforms and partner with blockchain companies to find new applications for its tokens.
Coinaphoto CEO Shahab Mirza said: “Just like Airbnb and Uber changed the way we book accommodation and find a taxi, we have focused on shaking up the billion-pound stock photography industry to reflect the way that we now live and work.
“The ability for Coinaphoto to earn commission without a contributor selling an image means we can generate new revenue streams out of the reach of our competitors.
“Coinaphoto is all about community engagement and we are the only platform where photographers earn tokens from social interaction.
“In line with our crowdsourcing approach to photography, where brands can connect with unknown creatives all over the world, it is fitting that we look for investment from communities.”
In three years, Coinaphoto has built a global community of over 200,000 contributors and features 55 million images.
The rewards-based system connects photographers with both brands and agencies, enabling creatives to earn up to 70% commission for their work
Coinaphoto also incentivises its users to engage with the wider community through gamification – it runs ‘Photoduels’ photo competitions where a photographer challenges another user in the community to pitch a photo against their own.
The photograph with the highest number of community votes is named the winner, providing both tokens and a higher site ranking.
To date, there have been 17,000 user-generated ‘Photoduels’ and 1.6 million votes cast.
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