There aren’t many blockchain start-ups that can say that they take their inspiration from a nineteenth century poet, but Qravity certainly can.
Inspired by the tiny amount that Edgar Allan Poe was paid for his writing output, Austrian producer and composer, David Brandstaetter, set-up the blockchain start-up Qravity.
The idea behind it is to give artists and content creators their just reward.
He discussed this inspiration, with The Drum reporting him as stating the following: “Poe’s work, especially The Raven and Annabel Lee, has always inspired me. He not only wrote some of the most famous poems of all time, he also established the foundations of the detective story and science fiction!”
Copyright infringement and fair payment are just some of the hurdles today’s creators have to face in order to get fair payment and Poe’s story of underpayment got the Austrian thinking about this.
Brandstaetter has a long history in the world of creativity, working for the likes of Sony and Rockstar Games, so he understands what it takes to make it in the fiercely competitive creative industries.
Thus, he founded Qravity in 2016 with the goal of helping others bring their content to the market.
In a world where opportunists exist at every corner, Qravity uses blockchain to keep all transactions transparent. It also uses smart contracts which keep immutable and transparent records of projects within its system.
He added: “In July 2017, we had a unique collaboration and communication tool for creative teams. Qravity also tracks tasks in such a way that creative members receive stakes in the content they help make. For example, a person who writes lyrics for a song gets a share, say five percent, of the song’s revenue. Every time someone buys that song, the lyricist gets five percent of that payment.”
Digital tokens that are called QPT are how creatives keep track of their records. Revenue is distributed based on how many QPT they hold relating to their content.
Payment is then given in the form of Qravity’s cryptocurrency, QCO.
For instance, if a drummer has a ten percent stake in the song he penned, a 1 QCO song earns him 0.10 QCO, which he can then trade on crypto exchanges, or spend in the Qravity marketplace.